Though clearly distinct in nature and procedure, both Regulatory Agencies and Courts frequently rely on similar instruments to sanction the same or very similar kinds of illegal behavior. In this paper, we develop a theory of the use of criminal sanctions in addition to regulatory penalties. We...

Large law firms seem to prefer hourly fees over contingent fees. This article provides a moral hazard explanation for this pattern of behavior. Contingent legal fees tend to align the interests of the attorney with those of the client but not necessarily with those of the partnership. We show...

In this paper we study the extent to which decisions by the Spanish Constitutional Court are explained by political variables. Our theory proposes that party alignment should play an important role in explaining the behavior of the Spanish constitutional judges, but with some limitations given...

Should states be liable towards individuals for failure to provide justice, good roads or timely administrative decisions? In this paper, we show that state liability can serve three different purposes, none of which implies that the state should be liable in tort, unless other specific...

In this article, we study the extent to which decisions by the Spanish Constitutional Court are explained by political variables. Our theory proposes that party alignment should play an important role in explaining the behavior of the Spanish constitutional judges, but with some limitations...