This article argues that while mandatory referenda may be legal, it is an unnecessary step that thwarts zoning legislation. The article further argues that the Supreme Court's conclusion in Eastlake v. Forest City Enterprises, Inc. is not a realistic vision of the zoning process. Rather the...

This article describes a form of discrimination – called non-determinative discrimination – that involves types of conduct that are not covered by current doctrine but that should be protected in order to serve the purposes of the laws against discrimination. Written in 1986, it addressed...

The paper is an extension of the contributions provided by Aghion and Bolton (1987), Chung (1994, 1996), and Spier and Whinston (1995)--among others--to the analysis of the trade-off between the enforcement of incomplete contracts characterised by specific investments and the market foreclosure...

As the largest greenhouse gas emissions trading scheme in the world, the European Union Emissions Trading Scheme (EU ETS) is a benchmark for carbon prices worldwide. A price for carbon represents a cost for emissions-intensive activities under the EU ETS, which must be taken into account by...

The paper stresses - in sharp contrast with the main contributions in the relevant literature on incomplete contracts - the strategic role of the degree of assets specificity for the enforcement of incomplete contracts. It is shown that under the assumption of endogenous outside options, (i)...

There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores...

This paper analyzes cost-benefit analysis from legal, economic, and philosophical perspectives. The traditional defense of cost-benefit analysis is that it maximizes a social welfare function that aggregates unweighted and unrestricted preferences. We follow many economists and philosophers who...

Cultural economics has recently been included in the development of Economics. The seminal paper Performing Arts: The Economic Dilemma by William Baumol and William Bowen, much acknowledged by specialists and from which this specialization originates, dates back to 1966. In spite of its short...

For the wide range of antitrust cases involving allegations of monopoly or monopolization (or variations on that theme), the presence of market power is a necessary prerequisite for finding liability. In turn, the definition or delineation of a relevant market is essential for measuring a...