incentives to reduce risk of various ways of treating such uncertainty under the liability system are identified using a … (if their probability of causation systematically fell below the threshold) and thus do too little to reduce risk; or they …

expected exchange rate depreciations (appreciations) for high (low) interest rate currencies, suggesting that disaster risk is … priced in currency markets. To study the price of disaster risk, we propose a simple structural model that includes both … Gaussian and disaster risk and can be estimated even in samples that do not contain disasters. Estimating the model over the …

information concerning product risk, and mandatory and voluntary disclosure rules are equivalent …

This article develops two points. First, insurance against the risk of legal change is largely unavailable, primarily …

should be guided by an economic calculus. That calculus is developed in the theory presented in this article and the actual …

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 …