This paper shows that up-front payments can play a crucial role in providing efficient investment incentives when contracts are incomplete. They can eliminate the overinvestment effect identified by Rogerson [1984] and Shavell [1980] when courts use an expectation damage remedy. This method...

Im Rahmen der Verwirklichung des „more economic approach“ in der europäischen Wettbewerbspolitik hat die Europäische Kommission im Dezember 2005 umfangreiche Vorschläge zur Neugestaltung der Missbrauchsaufsicht vorgestellt. Im vorliegenden Beitrag werden diese Vorschläge in ihren...

The participation of interest groups in public policy making is unavoidable. Its unavoidable nature is only matched by the universal suspicion with which it has been seen by both policy makers and the public. Recently, however, there has been a growing literature that examines the participation...

Doping tests create a signal of whether the athlete has acted fraudulently. If the signal is costly, but perfect, then the doping enforcer and the athlete play an “inspection game," which has no equilibrium in pure strategies. This paper presents a modification of that game: The “Bayesian...

This project propose a strategy focused on the realization of some measurable, well definited objectives, and on a series of strategically options, supported by actions with clear dead-lines and with direct implications on the entire system of Romanian pe

Common Law, as practiced around the world, permits what it doesn't prohibit. Compared to Roman Law practice, which prohibits what it doesn't permit, the Common Law makes economic innovation easy. Easy economic innovation, in turn, promotes rapid economic adaptation -- broad technological...

This paper summarizes Hayekian Law and Economics.

The purpose of this paper is to evaluate two new anti-merger instruments, innovation markets and unilateral effects, on the basis of economic theory and evidence. I first discuss how the economics of antitrust has developed over the years, with the intention of characterizing the intellectual...

This paper is the sequel to chapter 30 of the 1999 first edition of The Elgar Companion to Law and Economics (ed. J. Backhaus). A new section has been added entitled 'An application of Hayekian law and economics: the comparative analysis of alternative monetary and banking regimes'.

In this paper we look at the specific features of the delayed privatization in Kosovo, emphasising in particular two stages: i) the events during 1990s, including the consequences of emergency measures, ii) the impact of an autonomous privatization in the early 1990s in a limited number of SOEs...