, police, prosecutors) to detect and to sanction violators of legal rules. We first present the basic elements of the theory …, focusing on the probability of imposition of sanctions, the magnitude and form of sanctions, and the rule of liability. We then …

User sanctions influence the legal risk for participants in illegal drug markets. A change in user sanctions may change … retail drug prices, depending on how it changes the legal risk to users, how it changes the legal risk to dealers, and the …

exit and argues that "Euroization" is both a credible and effective means of punishment for countries in default …

We study whether banks are riskier if managers have less liability. We focus on New England between 1867 and 1880 and … consider the introduction of marital property laws that limited liability for newly wedded bankers. We find that banks with … wives from relatively wealthy families. We find no evidence that limiting liability increased firm investment at the county …

incentives to reduce risk of various ways of treating such uncertainty under the liability system are identified using a … a criterion for determining liability may adversely affect behavior: parties might face a diminished burden of liability … (if their probability of causation systematically fell below the threshold) and thus do too little to reduce risk; or they …