In most of the contract theory literature, contracting costs are assumed either to be high enough to preclude certain forms of contracting, or low enough to permit any contract to be written. Similarly, researchers usually treat renegotiation as either costless or prohibitively costly. This...

Under standard accounts of corporate governance, capital markets play a significant role in monitoring management performance and, where appropriate, replacing management whose performance does not measure up. While the concept of a market for corporate control was once controversial, now even...

"Kenneth Boulding (1910-1993) was a notable economist and educator, best known for his contribution to General Systems Theory, ecological economics and conflict and defense. This text gives insight into the life and multidisciplinary work of Boulding. Boulding was born to a working-class family...

For many decades, scholars have puzzled over why the market for judicial clerks has been characterized by increasingly early bidding, with interviews and offers extended at progressively early points in a student's law school career. An important article published recently by Jolls, Avery, Judge...

Legislation creating or reinforcing resale royalties for visual artists retains substantial political popularity, particularly in the European Union -- despite the often skeptical attitude toward those rights in the economics literature. In this essay, we probe more deeply the affirmative...

We consider a model of crime with rational Bayesian Jurors. We find that if jurors are not perfectly informed, even when there is no limit to the size of the punishment that can be imposed, it is not possible to deter all crime. There is a finite lower bound on the crime rate which results from...

In recent years, patent protection has extended into new areas, giving rise to serious concern about the lack of clear guidelines for patentability. We analyze the effect of introducing a patent opposition process that would allow patent validity to be challenged directly after a patent is...