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Reconsidering Contractual Liability and the Incentive to Reveal Information

Bebchuk, Lucian Arye - 1999

In an earlier work, we analyzed how the legal rules governing contractual liability affect the transfer of information between the parties to the contract. In particular, we showed how limitations on contractual liability might lead high valuation buyers to reveal their valuation of performance,...

Persistent link: https://www.econbiz.de/10012471688

Any Non-Individualistic Social Welfare Function Violates the Pareto Principle

Kaplow, Louis - 1999

The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle

Persistent link: https://www.econbiz.de/10012471750

The Economic Theory of Public Enforcement of Law

Polinsky, A. Mitchell - 1999

This article surveys the theory of the public enforcement of law -- the use of public agents (inspectors, tax auditors …, police, prosecutors) to detect and to sanction violators of legal rules. We first present the basic elements of the theory … examine a variety of extensions of the central theory, concerning accidental harms, costs of imposing fines, errors, general …

Persistent link: https://www.econbiz.de/10012471807

Economic Analysis of Law

Kaplow, Louis - 1999

This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law liability for accidents (tort law), property law, and contracts as well as the litigation process and public enforcement of law

Persistent link: https://www.econbiz.de/10012471847

Rewards versus Intellectual Property Rights

Shavell, Steven - 1999

This paper compares reward systems to intellectual property rights (patents and copyrights). Under a reward system, innovators are paid for innovations directly by government (possibly on the basis of sales), and innovations pass immediately into the public domain. Thus, reward systems engender...

Persistent link: https://www.econbiz.de/10012471851

Infant-Industry Protection Reconsidered : The Case of Informational Barriers to Entry

Grossman, Gene M. - 1987

In industries with imperfect consumer information, the lack of a reputation puts latecomers at a competitive disadvantage vis-a-vis established firms. We consider whether the existence of such informational barriers to entry provides a valid reason for temporarily protecting infant producers of...

Persistent link: https://www.econbiz.de/10012476910

Foreign Counterfeiting of Status Goods

Grossman, Gene M. - 1986

We study the positive and normative effects of counterfeiting, i.e.,trademark infringement, in markets where consumers are not deceived by forgeries.The fact that consumers are willing to pay more for counterfeits than for generic merchandise of similar quality suggests that they value the...

Persistent link: https://www.econbiz.de/10012477159

Dynamic R&D Competition

Grossman, Gene M. - 1985

We study a simple, two-stage, stochastic patent race involving two firms. We examine the behavior of the participants as they gain the lead or fall behind in the race. We find that the leader engages in R&D more intensively than does the follower, and that both firms intensify their efforts if...

Persistent link: https://www.econbiz.de/10012477406

Optimal Dynamic R&D Programs

Grossman, Gene M. - 1985

We study the optimal pattern of outlays for a single firm pursuing an R&D program over time. In the deterministic case, (a) the amount of progress required to complete the project is known, and (b) the relationship between outlays and progress is known. In this case, it is optimal to increase...

Persistent link: https://www.econbiz.de/10012477422

Targeted Export Promotion with Several Oligopolistic Industries

Dixit, Avinash K. - 1984

In this paper we ask whether a policy of targeted export promotion can raise domestic welfare when several oligopolistic industries all draw on the same scarce factor of production. Our point of departure is one of Cournot duopoly in which a single home firm competes with a single foreign firm...

Persistent link: https://www.econbiz.de/10012477753

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