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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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A Fundamental Enforcement Cost Advantage of the Negligence Rule over Regulation
Shavell, Steven - 2012
Regulation and the negligence rule are both designed to obtain compliance with desired standards of behavior, but they differ in a primary respect: compliance with regulation is ordinarily assessed independently of the occurrence of harm, whereas compliance with the negligence rule is evaluated...
Persistent link: https://www.econbiz.de/10012460242
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The Political Economy of Weak Treaties
Battaglini, Marco - 2016
puzzle in standard economic models. To study this phenomenon, we propose a positive theory of IEAs in which the political … (might not be implemented in full). The theory also provides a new perspective for understanding investments in green …
Persistent link: https://www.econbiz.de/10012455712
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Horizontal Equity : New Measures, Unclear Principles
Kaplow, Louis - 2000
Alan Auerbach and Kevin Hassett offer a new measure of horizontal equity (HE) that is designed to overcome deficiencies in prior indexes. There is, however, a fundamental problem that their effort shares with their predecessors' attempts: the underlying rationale for pursuing HE at the expense...
Persistent link: https://www.econbiz.de/10012471118
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An Efficiency Approach to the Evaluation of Policy Changes
Coate, Stephen - 1999
This paper describes an efficiency approach to the evaluation of policy changes. Rather than comparing the utility allocations that arise before and after a policy change is introduced, this approach evaluates a policy change by comparing it with other possible changes which might be made from...
Persistent link: https://www.econbiz.de/10012471468
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Any Non-Individualistic Social Welfare Function Violates the Pareto Principle
Kaplow, Louis - 1999
The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
Persistent link: https://www.econbiz.de/10012471750
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Pigou Creates Losers : On the Implausibility of Achieving Pareto Improvements from Efficiency-Enhancing Policies
Sallee, James M. - 2019
Economic theory predicts that efficiency-enhancing policy changes can be made to benefit everyone through the use of …
Persistent link: https://www.econbiz.de/10012479780
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Characterization, Existence, and Pareto Optimality in Markets with Asymmetric Information and Endogenous and Asymmetric Disclosures : Basic Analytics of Revisiting Rothschild-Stigl...
Stiglitz, Joseph E. - 2019
We study the Rothschild-Stiglitz model of insurance markets, introducing endogenous information disclosure about insurance sales and purchases by firms and consumers. We show that a competitive equilibrium exists under unusually mild conditions, and characterize the unique equilibrium outcome....
Persistent link: https://www.econbiz.de/10012480195
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Characterization, Existence, and Pareto Optimality in Insurance Markets with Asymmetric Information with Endogenous and Asymmetric Disclosures : Revisiting Rothschild-Stiglitz
Stiglitz, Joseph E. - 2018
We study the Rothschild-Stiglitz model of competitive insurance markets with endogenous information disclosure by both firms and consumers. We show that an equilibrium always exists, (even without the single crossing property), and characterize the unique equilibrium allocation. With two types...
Persistent link: https://www.econbiz.de/10012453009
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Pareto Efficient Taxation and Expenditures : Pre- and Re-distribution
Stiglitz, Joseph E. - 2017
This paper shows that there is a presumption that Pareto efficient taxation entails a positive tax on capital. When tax and expenditure policies can affect the market distribution of income in ways that cannot be directly offset, those effects need to be taken into account, reducing the burden...
Persistent link: https://www.econbiz.de/10012453822