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...

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...

This paper investigates the effect of anticipation of government assistance on factor demand when the likeliho od of intervention is perceived to increase with the numbers of worke rs laid off in the event of an adverse realization of product price. Workers thus serve, imperfectly, an insurance...