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Citizen Rights and the Cost of Law Enforcement
Reder, Melvin - 1973
There is an inherent tension between the idea that individuals have certain inalienable (natural) rights and the economist's postulate that the rate if utilization of anything whose production requires scarce resources must be limited by considerations of opportunity cost. Remarks about rights...
Persistent link: https://www.econbiz.de/10012479113
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Economic Analysis of Property Law
Shavell, Steven - 2003
This part deals with the basic elements of property law. I begin in chapter 7 by examining the fundamental question of what justifies the social institution of property, that is, the rationale for the rights that constitute what we commonly call ownership. I also discuss examples of the...
Persistent link: https://www.econbiz.de/10012469003
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Legal Origins
Glaeser, Edward L. - 2001
A central requirement in the design of a legal system is the protection of law enforcers from coercion by litigants through either violence or bribes. The higher the risk of coercion, the greater the need for protection and control of law enforcers by the state. This perspective explains why, in...
Persistent link: https://www.econbiz.de/10012470452
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Contracts as Reference Points
Hart, Oliver - 2006
We argue that a contract provides a reference point for a trading relationship: more precisely, for parties' feelings of entitlement. A party's ex post performance depends on whether he gets what he is entitled to relative to outcomes permitted by the contract. A party who is shortchanged shades...
Persistent link: https://www.econbiz.de/10012465954
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Liquidation Values and the Credibility of Financial Contract Renegotiation : Evidence from U.S. Airlines
Benmelech, Efraim - 2008
How do liquidation values affect financial contract renegotiation? While the 'incomplete contracting' theory of …
Persistent link: https://www.econbiz.de/10012464587
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Learning and Disagreement in an Uncertain World
Acemoglu, Daron - 2006
Most economic analyses presume that there are limited differences in the prior beliefs of individuals, as assumption most often justified by the argument that sufficient common experiences and observations will eliminate disagreements. We investigate this claim using a simple model of Bayesian...
Persistent link: https://www.econbiz.de/10012466013
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Sequential Bargaining in the Field : Evidence from Millions of Online Bargaining Interactions
Backus, Matthew - 2018
We study patterns of behavior in bilateral bargaining situations using a rich, new dataset describing over 88 million listings from eBay's Best Offer platform, with back-and-forth bargaining occurring in over 25 million of these listings. We document patterns of behavior and relate them to...
Persistent link: https://www.econbiz.de/10012453408
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The Government as Litigant : Further Tests of the Case Selection Model
Eisenberg, Theodore - 1999
We develop a model of the plaintiff's decision to file a law suit that has implications for how differences between the federal government and private litigants and litigation translate into differences in trial rates and plaintiff win rates at trial. Our case selection model generates a set of...
Persistent link: https://www.econbiz.de/10012471488
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The Economic Theory of Public Enforcement of Law
Polinsky, A. Mitchell - 1999
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 …
Persistent link: https://www.econbiz.de/10012471807
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Economic Analysis of Law
Kaplow, Louis - 1999
This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law liability for accidents (tort law), property law, and contracts as well as the litigation process and public enforcement of law
Persistent link: https://www.econbiz.de/10012471847