Showing 1 - 10 of 27
We study the standard economic model of unilateral accidents, in its simplest form, assuming that the injurers have limited assets.We identify a second-best optimal rule that selects as due care the minimum of first-best care, and a level of care that takes into account the wealth of the...
Persistent link: https://www.econbiz.de/10005707957
We use the recent introduction of biofuels to study the effect of industry factors on the relationships between wholesale commodity prices. Correlations between agricultural products and oil are strongest in the 2005-09 period, coinciding with the boom of biofuels, and remain substantial until...
Persistent link: https://www.econbiz.de/10008459802
Stare decisis allows common law to develop gradually and incrementally. We show how judge-made law can steadily evolve and tend to increase efficiency even in the absence of new information. Judges' opinions must argue that their decisions are consistent with precedent: this is the more costly,...
Persistent link: https://www.econbiz.de/10010896609
The paper deals with a bilateral accident situation in which victims have heterogeneous costs of care. With perfect information,efficient care by the injurer raises with the victim's cost. When the injurer cannot observe at all the victim's type, and this fact can be verified by Courts,...
Persistent link: https://www.econbiz.de/10005772140
Moral codes are produced and enforced by more or less specialized means and are subject to standard economic forces. This paper argues that the intermediary role played by the Catholic Church between God and Christians, a key difference from Protestantism, faces the standard trade-off of...
Persistent link: https://www.econbiz.de/10005012009
Human beings increase their productivity by specializing their resources and exchanging their products. The organization of exchange is costly, however, because specialized activities need coordination and incentives have to be aligned. This work first describes how these exchanges are organized...
Persistent link: https://www.econbiz.de/10005704922
Alan S. Milward was an economic historian who developed an implicit theory of historical change. His interpretation which was neither liberal nor Marxist posited that social, political, and economic change, for it to be sustainable, had to be a gradual process rather than one resulting from a...
Persistent link: https://www.econbiz.de/10009351453
In this paper, we study how access pricing affects network competition when subscription demand is elastic and each network uses non-linear prices and can apply termination-based price discrimination. In the case of a fixed per minute termination charge, we find that a reduction of the...
Persistent link: https://www.econbiz.de/10005015542
This paper offers a general view of changes in health care management in the Spanish Health System. We focus on the organisational, financing and accountability aspects of health care provision. We do this by encompassing managerial changes and social change and well-grounded in theory health...
Persistent link: https://www.econbiz.de/10005572563
Recent decisions by the Spanish national competition authority (TDC) mandate payment systems to include only two costs when setting their domestic multilateral interchange fees (MIF): a fixed processing cost and a variable cost for the risk of fraud. This artificial lowering of MIFs will not...
Persistent link: https://www.econbiz.de/10005572571