If there is competition for access to an underpriced good such as a free parking spot, the competition can eat up the entire surplus, eliminating the social value of the good. There is a discontinuity in social welfare between “enough” and “not enough,” with the minimum social welfare...

Competition for access to an underpriced good such as a free parking spot can eat up its entire surplus, eliminating the social value of the good. There is a discontinuity in social welfare between enough and not enough, with the minimum social welfare at slightly too small a parking lot because...

Consider a Bertrand model in which each firm may be inactive with a known probability, so the number of active firms is uncertain. This activity level can be endogenized in several ways ---whether to incur a fixed cost of activity, for example, or what level of output to choose. Our model has a...

Hart & Moore (1999) construct a model to show that contracts perform poorly in complex environments when the state of the world is unverifiable and renegotiation cannot be ruled out. They implicitly assume one player can extort payment from another by threatening to take an inefficient action...

In recent times, judges in the United States have said that 6-person juries are inferior to 12-person juries. But by what reasoning is a smaller jury inferior? One argument is the Condorcet jury theorem, which says that a larger jury will reach a more accurate decision. This, however, assumes...

Estimates of the economic benefits of intervention strategies to make food safer from specific pathogens for different durations of protection are not available. We estimated consumers' willingness to pay for a hypothetical vaccine that would deliver a 1-year, 5- years, 10-years, or lifetime...

This article is the first report on the results of the Indiana Law Alumni Survey, conducted on Indiana University Law School - Bloomington alumni over the last six years. The survey asks for responses from law alumni five and fifteen years out of law school to examine their reflections on their...

In this study we undertake a simple empirical analysis to examine the distribution of pecuniary and nonpecuniary benefits across the legal profession. Using the University of Michigan alumni data set, we conduct a series of regressions to examine how the participants' self-reported income and...

In this study, we undertake an empirical analysis of the continuing progress of women in the legal profession and the differences that gender makes in the lives and careers of attorneys. This study uses the Michigan Law Alumni Data Set surveys from the years 2002-2018 and updates our 2009 study...