flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved …

rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by the agent, but also …

In a Case Law regime Courts have more flexibility than in a Statute Law regime. Since Statutes are inevitably … most economic decisions are already taken. Therefore, the advantage of flexibility for Case Law is unavoidably paired with … pairs the lack of flexibility with the ability to commit in advance to a given (forward looking) rule. This solves the time …

Assuming a two-period model with endogenous choices of labour, education, and saving, it is shown to be second …

The purpose of this paper is threefold. First, we survey the way in which the tax burden on labour has been proxied for … extent the conclusions of some studies change if some alternative indicator for the tax burden on labour is employed. We … indicator for the tax burden on labour is also shown to affect the conclusions of some well-known empirical models. …

Assuming a two-period model with endogenous choices of labour, education, and saving, it is shown to be second …-best efficient to deviate from Ramsey’s Rule and to distort qualified labour less than nonqualified labour. The result holds for …

A Beveridgean pension scheme invariably reduces the marginal return to labour, and will thus discourage labour. A … pension contribution will discourage labour less if the scheme is Bismarckian than if it is Beveridgean. A Bismarckian scheme … may even encourage labour. …