A university system has both efficiency and equity objectives. Efficiency requires the adoption of a tuition fee system that maximizes net social benefits. These benefits take two main forms: production benefits and a more diffuse range of benefits to society in general. The equity objective...

This paper (1) investigates Hayek's proposition that law in the sense of universal rules of conduct and property are the only solution to the problem of reconciling indi-vidual freedom with the absence of conflict. It (2) argues that the test of the compatibility with the inherited body of law...

Taking the fundamental and comprehensive reform of EU competition policy which embodies a shift from a formalistic regulatory approach towards a more economic approach as a point of departure, this article argues that it is time for antitrust policy to move beyond structural understandings of...

Recently, Chr. Mantzavinos proposed a new concept for antitrust analysis drawing on theoretical developments in New Institutional Economics and Evolutionary Economics. Criticizing the policy prescriptions based on traditional microeconomics and welfare economics, Mantzavinos pleas for a...

The relationship between the Antitrust Law and the Patent, Copyright and other Intellectual Property (IP) Laws has perplexed antitrust scholars and practitioners for a long time. Intellectual property and antitrust regimes both seek to advance the economic well-being of society. However, whereas...

Recently, Chr. Mantzavinos proposed a new concept for antitrust analysis drawing on theoretical developments in New Institutional Economics and Evolutionary Economics. Criticizing the policy prescriptions based on traditional microeconomics and welfare economics, Mantzavinos pleas for a...

It is the purpose of the paper to shed light on the question to what extent there is a need for a unified contract law in the European Union. The paper outlines a concept of constitutional uncertainty in international trade and presents a model of international transactions in the presence of a...

Helping somebody may undermine his incentives to work. What Buchanan identified more than 25 years ago as the Samaritan's dilemma is basically a time-inconsistency problem. The paper discusses possible solutions of the dilemma such as punishment within an iterated game, reshaping the game in the...

Although the homo oeconomicus model has considerable predictive power with regard to the operation of the law the assumption of strict (unbounded) rationality creates opposition on the side of the legal profession. Drawing on Ronald Heiner's theory of imperfect decisionmaking the model of a...

This article argues that it is time for antitrust policy to move beyond structural understandings of competition ("preserving competition") and into the realm of explicit welfare analysis. A "more economic approach" should reflect current economic thinking about competition, incentives and...