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Consider legal uncertainty as uncertainty about the legality of a specific action. In particular, suppose that the threshold of legality is uncertain. I show that this legal uncertainty raises welfare. Legal uncertainty changes deterrence in opposite directions. The probability of conviction...
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competition regulation on the exchange of information considered as anti-competitive behavior. This paper aims to contribute to …
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We develop a dynamic regulation game for a stock externality under asymmetric information and future market uncertainty …. Within this framework, regulation is characterized as the implementation of a welfare-maximization program conditional on …
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