In this paper, we study the dynamics of legal convergence and the comparison between the different instruments of legal convergence based on cooperative strategies (i.e., harmonization and unification) or not. To study these questions we use a model with two nation-states which is inspired in...

The present paper proposes to interpret the differences in legal systems between common-law and civil- law nations as arising from the importance given to adjudication in comparison with statute laws. It focuses on the relative costs of legal change by adjudication (case law development) when...

In this note, we consider a generalized T−stage Stackelberg oligopoly. We provide a proof and an interpretation that under the two necessary and sufficient conditions of linear aggregate demand and identical constant marginal costs, followers do not matter for leaders. Leaders act as rational...

This paper analyses the impact of the disinflation policy timing on the sign and the magnitude of the sacrifice ratio in a modified price and wage staggered model of Blanchard (1986). When wages are updated every four quarters and prices every two quarters, we show that a “cold-turkey”...

This paper presents a classification of the different new Phillips curves existing in the literature as a set of choices based on three assumptions: the choice of the structure of price adjustments (Calvo or Taylor), the presence of backward indexation, and the type of price contracts (fixed...

We consider a simple general equilibrium model with imperfect competition. Firms are price taker in the input market and compete à la Cournot in some or all of the product markets (their technology displays constant returns to scale). We show that an increase in the number of firms does not...

This paper elaborates on a basic model of mass tort litigation, highlighting the existence of positive informational externalities a¤orded by the discovery process (as a general technology of production of evidences) in order to study when a class action is formed, or when a sequence of...

For contemporary legal theory, law is essentially an interpretative and hermeneutics practice (Ackerman (1991), Horwitz (1992)). A straightforward consequence is that legal disputes between parties are motivated by their divergent interpretations regarding what the law says on their case. This...