This paper analyzes how judicially-determined liability assignments affect valuations and prices. On two occasions in 2007, a railway company caused a fire to break out in the State of Washington. The two fires burned down some of the neighboring properties’ timber. These two incidents led to...

We study the effect that neighboring parties have on the economic rents from owingthe rights to a natural resource. Our application uses winning bid prices from state timberauctions in three western states. We model and show how differing nearby neighbors increasethe costs and risks associated...

We study the relationship between economic freedom and poverty rates in 151 countries over a twenty-year period. Using the World Bank’s poverty headcounts of those living on less than $1.90 per day, $3.20 per day, and $5.50 per day, we find evidence that economic freedom, measured by the...