Two competing theories generally used, at least implicitly, to justify and analyze public resource management are scientific management and pluralism. We briefly review these theories and compare them to the new resource economics, an emerging body of theory which revises resource economics by...

Asset forfeiture laws allow the seizure of assets used in the commission of a crime. This paper examines the impact of such laws on deterrence by incorporating the possibility of asset forfeiture into the standard economic model of crime. When punishment is by a fine that can be optimally...

In this paper we explain the prevalence of explicit contracts of employment, particularly those that embody high- rather than low-powered incentives and clauses that supersede the common law defaults. Our analysis is based on an understanding of two fundamental problems that arise when agency...

We propose a framework for evaluating the effectiveness of regulatory activity based on the distinctions among boundary, conduct, and attribute regulation. The standard we use to evaluate the efficiency and effectiveness of regulations creating boundaries, regulating conduct, and defining...