When forming policy under conditions of extreme uncertainty, the optimal approach seems to be a process by which the policy decision is divided into multiple stages, or in other words, an experimental approach. The optimal legal vehicle for such policy experimentation is what I call...

This Article discusses the dynamics of shared political accountability and provides a supply- and demand-side analysis of disaster management. Because multiple levels of government share political accountability in national scale disasters, disaster management is subject to a collective action...

This paper examines the optimality of regulatory delegation when neither output levels nor effort levels are contractible. The key trade-off is that while the federal government is able to internalize externalities, the state governments have preferences that are better aligned with local...

In 1986, California passed legislation prohibiting the direct shipment of wine to its residents from another state unless the originating state allows California wineries to ship directly to that state's residents. The legislation's obvious intent was to break down other states' barriers to the...

This paper examines the optimality of environmental regulatory delegation when neither output levels nor effort levels are contractible. The key trade-off is that while the federal government is able to internalize externalities, the state governments have preferences that are better aligned...

This paper analyses when EU intervention is needed to achieve this internal market for electronic communications. It sets legal and economic criteria to determine the appropriate scope of the EU intervention. It applies these criteria to several case studies and concludes that sometimes the EU...

This article develops a formal model of the centralization of natural resource regulation, and applies that model to explain selected episodes in the history of American natural resource regulation and to critique the Supreme Court's constitutional federalism doctrine. On this model, political...

The Sherman Act establishes free competition as the rule governing interstate trade. Banning private restraints cannot ensure that competitive markets allocate the nation’s resources. State laws can pose identical threats to free markets, posing an obstacle to achieving Congress’s goal to...

Regulators set capital levels to ensure that banks are "sufficiently resilient to withstand losses in times of stress''. Climate change is caused by greenhouse gas emissions, and governments have introduced over seventy carbon pricing instruments (CPIs). Banks finance a significant fraction of...

Proponents of the Patient Protection and Affordable Care Act of 2010 (ACA) set forth two primary goals: (1) to constrain health care costs and (2) to expand health insurance coverage. In its June 28, 2012 decision upholding the constitutionality of the ACA, the U.S. Supreme Court effectively...