This paper examines the effect of introducing positive loading factors into insurance premia, in insurance markets consisting of groups of individuals in different risk categories. It is shown that that such loading factors may have far-reaching effects on insurance market equilibria.

In this paper we present quantitative measures of the ‘proneness’ of different countries to respond to pressure groups in determining the composition of their spending. These, in turn, help us to derive simple measures of the rent-seeking done in relation to the government's spending pie....

In this paper we show that corporate taxes are likely to have considerable implications for rent-seeking activity. We find that corporate taxation tends to significantly reduce rent-seeking, and that it favors rent-seeking by established firms and discriminates against new and zero profit firms....

In this paper we show that costs associated with infractions of property rights, such as theft, can be reduced by imposing lower penal-ties on individuals who admit to such infractions and make restitution. We find that the socially optimal penalty on a confessed thief may be zero (complete...

The legal owner of a stolen good generally puts a higher value on that good than does the thief. There are therefore potential gains from trade between a legal owner and a successful thief. However, by trading with a thief, the legal owner is encouraging theft for 'ransom'. Should then...