In this article we incorporate notions of the fairness of sanctions into the standard model of public enforcement. We first determine the optimal sanction when the probability of imposing sanctions is fixed, and we relate this optimal sanction to the sanction that is ideal in terms of fairness...

In this article we incorporate notions of the fairness of sanctions into the standard model of public enforcement. When both the probability and magnitude of sanctions may be varied, the usual solution involves a very high sanction and a relatively low probability of enforcement if individuals...

The issue of the stability and change of legal rules occupies a central place in the discussions of alternative ways of organizing justice and the provision of legal rules. There nonetheless remains a theoretical aspect that has never been raised in the literature on judicial decision making and...

This paper develops a discussion around the Executive “Efficiency Index” as to its nature and importance.This study entails US, UK and Australian CEO's and Executive Director Remuneration and Profit data from public listed firms.The data collected is from public listed corporations from...

In this paper we integrate the literature on decision quality with considerations specific to boards of directors. In order to maximize the value of their decisions, boards of directors must look beyond their legal obligations and incorporate business ethics and the latest developments in...

We study the provision of public goods. Different public goods can be bundled provided there is enough capacity, i.e. resources to pay for all the public goods in the bundle. The analysis focuses on the all-or-nothing-mechanism: Expand provision as much as resource feasible if no one vetoes -...

Individuals may respond differently to their own past performance than to their teammates' performance in a multi-battle competition. Using field data from professional squash team tournaments, we show that while previous individual success begets more success, teammates' past performance has...

This paper considers a population divided into two significantly-sized groups regarding the preferences its members have about a single public good. The public good equilibrium amount is that of the majority group in such a way that it is far from the Pareto-efficient one. This allows us to...

Agents frequently have different opinions on where to locate a public facility. While some agents consider the facility a good and prefer to have it nearby, others dislike it and would like to see it built far away from their own locations. To aggregate agents' preferences in these situations,...

This paper argues that an evolutionary approach to policy-making, which emphasizes openness to change and political variety, is particularly compatible with the central tenets of classical liberalism. The chief reasons are that classical liberalism acknowledges the ubiquity of uncertainty, as...