excessive (greater than first-best) R&D investment and output growth. -- legal system ; commitment ; flexibility ; innovation … change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment …

change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment …

their judgments about their experiences. The framework highlights the role of mindset flexibility, a trait that determines …

The paper describes innovative microfinance products that combine flexibility features with financial discipline. Those … review shows that service providers are introducing various types of flexibility into financial contracts and that … flexibility can be combined with a variety of disciplining mechanisms, such as direct screening and monitoring of clients …

In a Case Law regime Courts have more flexibility than in a Statute Law regime. Since Statutes are inevitably … most economic decisions are already taken. Therefore, the advantage of flexibility for Case Law is unavoidably paired with …-ante welfare because, ex-post, this may afford extra gains from trade for the parties currently in Court. The temptation to behave …