We study conditions under which legal sanctions may lead to an efficient selection of heterogeneous investment projects. The bankruptcy code is a "primitive creditor system" and financial distress leads to an arbitration between private agreement and costly formal bankruptcy. We consider a...

The fallibility of the “efficiency” concept as developed by the neoclassical economists (in a non-personal and non-subjective perspective) laid the foundations for an allegedly objective and value-free – but, de facto, a meaningless, nonrealistic and arbitrary – perspective on...

The object of this contribution is to address the question of the ownership of the firm. Both law and economics shape representations of the world: law focuses on " rules and justice; economics focuses on efficiency and allocation. They describe" " common situations and ""objects'' such as firms...

In this paper it is proposed to analyse legal regimes for integrated management of estuaries with the help of institutional legal theory and the Schlager & Ostrom framework for types of ownership. Estuaries are highly valued and valuable and therefore need protection. The problem is that they...

This paper examines the main characteristics of the consular regime of social control of markets by looking at some aspects of the organization and operation of the Commercial Court of Paris, a four and a half century old institution in which judges are lay, business people. Comparing the...

Law and economics has become the dominant style of legal scholarship in the United States. This Article considers and illustrates the ways in which law and economics has affected and will affect legal scholarship, education, and practice. After first defining law and economics as a method by...

This interdisciplinary analysis focuses on a simple law & economics model of environmental law enforcement. We investigate why certain firms violate environmental regulations in two problem settings (binary and continuous) and which factors determine their compliance decision. The basic model...

The ultimate objective of the present paper is to empirically investigate the effectiveness of competition policy in developed and developing countries. Although its importance is continuously increasing, the effectiveness of competition policy still seems to lack the attention that it would...

This study examined Nile perch demand in the Netherlands and assessed the importance of country of origin as a determining factor. Import demand equations were estimated using the absolute price version of the Rotterdam model where Nile perch fillets were differentiated by product form (chilled...