# kaal:claim:2029983-006

**Claim.** Jurisdictional competition adapts legal rules to changed economic circumstances faster than harmonization does, because a single jurisdiction can change its rule unilaterally whereas harmonized regimes require all jurisdictions to agree on a rule before it can change.

**Type.** mechanism  **Support.** argued

**Holds when.**

- underlying market conditions are changing
- actors have imperfect information about optimal rules

**Source quote.**

> When underlying economic circumstances change, it is more likely that a jurisdiction will change its rules if there is juris- dictional competition than if all jurisdictions are bound to agree upon the same rule before they change it.

**From.** Wulf A. Kaal, Richard W. Painter, *Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral* (2012), I. The Fundamentals of Jurisdictional Competition, page 15

**Cite as.** Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

**Verify.** sha256 of source PDF `fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202012%20-%20Forum%20Competition%20and%20Choice%20of%20Law%20Competition%20in%20Securities%20Law%20after%20Morrison%20v.%20National%20Austral.pdf

**Topics.** economics, law-and-legal-systems, institutional-design

**Keywords.** jurisdictional-competition, harmonization, regulatory-experimentation, new-institutional-economics

**Related claims.**

- supports: https://wulfkaal.github.io/claims/1998455-026
- restates: https://wulfkaal.github.io/claims/1998455-027

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.