The paper presents a theoretical model that seeks to answer the question of why former squatter settlements tend to upgrade/redevelop at a slower pace than otherwise similar settlements originating in the formal sector. We argue that squatter settlers' initial strategy to access urban land...

We examine the impact of industry demand conditions on workers' propensity to free ride under profit sharing. Allowing the firm to respond to worker behavior and the market to adjust to worker and firm behavior, we find workers tend to restrict output by shirking where industry demand is...

Traditional tournaments among workers yield suboptimal levels of helping efforts, while collective incentives generate free-riding or lack incentive compatibility. We confront these problems using a tournament between workplaces. Under fairly restrictive conditions, the tournament is first-best...

This paper examines the impact of land title systems on property values. The predominant system in the U.S., the recording system, awards title to claimants over current possessors, whereas the Torrens registration system awards title to the current owner. In theory, the registration system...

The traditional law of leases imposed no duty on landlords to mitigate damages in the event of tenant breach, whereas the modern law of leases does. An economic model of leases, in which absentee tenants may or may not intend to breach, shows that the traditional rule promotes tenant investment...