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We develop a model of individual prosecutors (and teams of prosecutors) to address the incentives for the suppression of exculpatory evidence. Our model assumes that each individual prosecutor trades off a desire for career advancement (by winning a case) and a disutility for knowingly...
Persistent link: https://www.econbiz.de/10012919770
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In this paper, we focus on the problem created by asymmetric information about the enforcer's (agent's) costs associated to enforcement expenditure. This adverse selection problem affects optimal law enforcement because a low cost enforcer may conceal its information by imitating a high cost...
Persistent link: https://www.econbiz.de/10014173800
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This paper analyzes a contest in which defenders move first, have private information about the value of the objects they are trying to protect, and determine the observability of their defense efforts. The equilibrium consistent with the intuitive criterion depends on the distribution of...
Persistent link: https://www.econbiz.de/10010202896
We investigate theoretically and experimentally how the existence of an appeal system influences the judicial effort of judges in the trial court. We assume that judges care about correct decisions and face reputation losses in case of reversals by the appeal court. Our model suggests that the...
Persistent link: https://www.econbiz.de/10012901001
We study trading in over-the-counter (OTC) markets where agents have heterogeneous and private valuations for assets. We develop a quantitative model in which assets are issued through a primary market and then traded in a secondary OTC market. Then we use data on the US municipal bond market to...
Persistent link: https://www.econbiz.de/10012977122
Information asymmetries are known in theory to lead to inefficiently low credit provision, yet empirical estimates of …
Persistent link: https://www.econbiz.de/10013213313
This paper develops a dynamic theory of war and peace. In our framework, an aggressive country can forcibly extract …
Persistent link: https://www.econbiz.de/10014224039
The paper differs from current literature by providing a systematic analysis of the relationship between sovereign debt, financial distress and political career concerns via a novel game-theoretic model, in order to analyze the strategic behavior of governments in revealing financial distress...
Persistent link: https://www.econbiz.de/10012803215