In the traditional formulation of rent-seeking games, increasing returns to effort are characterized by an exponent r1. However, when the value of the rent is normalized to 1, the players’ effort levels A and B will typically be less than 1. Thus, when A1 and r1, the value of A <Superscript> r </Superscript> decreases...</superscript>

In this paper we build upon existing literature on the evolution of the common law. We consider a model of legal evolution in which judges have varying ideologies and propensities to extend the domain of legal remedies and causes of action. Parties have symmetric stakes and are rational....

This article considers the applicability of the Coase theorem (in both its positive and normative formulations) to the political market. The article analogizes the choice of decision rules in the political market to the choice of legal rules in the traditional Coase theorem and further...

In this paper we revisit Tullock's paradox (Tullock, 1980) and consider a rent-seeking game in which parties face increasing returns to effort. We allow parties to randomize their strategies and give them an exit option. Given the mixed participation strategies of the parties, valuable rents may...

This paper reviews the existing law and economics literature on crime, noting where various models might apply to the terror context. Specifically, it focuses on two strands of the literature, deterrence and incapacitation. It considers anti-terror measures enacted by different countries,...