<titre traitementparticulier="non">Abstract</titre> The formulation of legal rules is a challenging issue for lawmakers. Trade-offs are inevitable between providing more guidance by specific rules and enlarging the scope by general rules. Using real options theory we show that the degree of precision should be considered as a degree of...

There is extensive literature on whether courts or legislators produce efficient rules, but which of them produces rules efficiently? The law is subject to uncertainty ex ante; uncertainty makes the outcomes of trials difficult to predict and deters parties from settling disputes out of court. In...

SFB 649 Discussion Paper 2006-053 Governance: Who Controls Matters Bruno Deffains* Dominique Demougin** * University of Nancy 2 and CNRS, France ** School of Business and Economics, Humboldt-Universität zu Berlin, Germany This research was supported by the...