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We document that trust in public institutions--and particularly trust in banks, business and government--has declined over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in institutions. Cross-country comparisons reveal a clear legacy...
Persistent link: https://www.econbiz.de/10008925712
The social sciences in Australia heve been vey active in decribing, measuring, debating and seeking to understand inequality. This essay assesses how the social sciences have gone abour this research task, thier main conclusions and what we still do not know.
Persistent link: https://www.econbiz.de/10005032834
It is a persistent finding in psychology and experimental economics that people's behavior is not only shaped by outcomes but also by decision-making procedures. In this paper we develop a general framework capable of modelling these procedural concerns. Within the context of psychological games...
Persistent link: https://www.econbiz.de/10005039581
Wealthy individuals often voluntarily provide public goods that the poor also consume. Such philanthropy is perceived as legitimizing one’s wealth. Governments routinely exempt the rich from taxation on grounds of their charitable expenditure. We examine the normative logic of this exemption....
Persistent link: https://www.econbiz.de/10005504401
We investigate how vertical unity within a community interacts with horizontal class divisions of an unequal income distribution. Community is conceptualized in terms of a public good to which all those in the community have equal access, but from which outsiders are excluded. We formulate the...
Persistent link: https://www.econbiz.de/10005666575
A taboo is an "unthinkable" action, that is, even the thought of violating it triggers social punishment. Taboos are the social "thought police," discouraging individuals from considering certain type of actions. We consider a simple model in which taboos are part of the definition of one's...
Persistent link: https://www.econbiz.de/10005791808
This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally …, financial markets exhibit dynamics that frequently put them in direct tension with commitments enshrined in law or contracts … self-destruction of the financial system. This law-finance paradox tends to be resolved by suspending the full force of law …
Persistent link: https://www.econbiz.de/10011084310
when the descriptive and prescriptive norms conflict. The next main question is the expressive role of law. The choices of … also what shapes social judgements and moral sentiments. Setting law thus means both imposing material incentives and … analysis, combining an informed principal with individually signaling agents, makes precise the notion of expressive law …
Persistent link: https://www.econbiz.de/10009371470
Understanding the impact of legal protection on investment is of major importance. This paper provides a framework for addressing this issue, and shows that investment may actually be higher in the absence of legal protection. Focusing on the application to innovation, in an environment where an...
Persistent link: https://www.econbiz.de/10011083356
Two recent failures of the United States intelligence system have led to the creation of high-level investigative commissions. The failure to prevent the terrorist attacks of 9/11 prompted the creation of the 9/11 Commission, and the mistaken belief that Saddam Hussein had retained weapons of...
Persistent link: https://www.econbiz.de/10005656431