The productivity of (human) information processing as an economicactivity is a question that is raising some interest. Using Marschak’s evaluationframework, Radner and Stiglitz have shown that, under certain conditions,the production function of this activity has increasingmarginal returns in...

We analyze the design of legal principles and procedures for court decision-making in civil litigation. The objective is the provision of appropriate incentives for potential tort-feasors to exert care, when evidence about care is imperfect and may bedistorted by the parties. Efficiency is shown...

We present evidence on whether workers have social preferences by comparing workers’ productivityunder relative incentives, where individual effort imposes a negative externality on others,to their productivity under piece rates, where it does not. We find that the productivity of theaverage...

Extreme weather patterns are causing major damage on property and business and the question of who pays is becoming a serious issue. A law and economics point of view focuses on the problem that emitters of greenhouse gases externalize the true costs of their contribution to climate change...

Entrepreneuroal risk vs. risks related to the pursuit of the entrepreneurship; Clear distinction vs. uncertainties, D&O liability risks(BJR)...

Unanimous voting as the fundamental procedural source of political legitimacy grants vetopower to each individual. We present an axiomatic characterization of a class of biddingprocesses to spell out the underlying egalitarian values for collective projects of a“productive state”. At heart...