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Judicial Errors, Legal Standards and Innovative Activity
Immordino, Giovanni; Polo, Michele - Centro Studi di Economia e Finanza (CSEF) - 2008
We analyze the effects of judicial errors on the innovative activity of firms. Successful research investment allows to take a new action that may be ex-post welfare enhancing or welfare decreasing (illegal). Deterrence in this setting works by affecting both the incentives to invest in research...
Persistent link: https://www.econbiz.de/10005802045
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Norm Flexibility and Private Initiative
Immordino, Giovanni; Pagano, Marco; Polo, Michele - Centro Studi di Economia e Finanza (CSEF) - 2006
We model an enforcement problem where firms can take a known and lawful action or seek a profitable innovation that may enhance or reduce welfare. The legislator sets fines calibrated to the harmfulness of unlawful actions. The range of fines defines norm flexibility. Expected sanctions guide...
Persistent link: https://www.econbiz.de/10005802102
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Incentives to Innovate and Social Harm: Laissez-Faire, Authorization or Penalties?
Immordino, Giovanni; Pagano, Marco; Polo, Michele - C.E.P.R. Discussion Papers - 2009
a lenient authorization regime, and finally to a strict one. In contrast, absent innovative activity, regulation should … rely only on authorizations, and laissez-faire is never optimal. Therefore, in innovative industries regulation should be …
Persistent link: https://www.econbiz.de/10005000438
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Incentives to Innovate and Social Harm: Laissez-Faire, Authorization or Penalties?
Immordino, Giovanni; Pagano, Marco; Polo, Michele - Centro Studi di Economia e Finanza (CSEF) - 2009
a lenient authorization regime, and finally to a strict one. In contrast, absent innovative activity, regulation should … rely only on authorizations, and laissez-faire is never optimal. Therefore, in innovative industries regulation should be …
Persistent link: https://www.econbiz.de/10005750353
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Incentives to innovate and social harm: Laissez-faire, authorization or penalties?
Immordino, Giovanni; Pagano, Marco; Polo, Michele - In: Journal of Public Economics 95 (2011) 7, pp. 864-876
, regulation should impose increasing penalties as innovation becomes more dangerous. If fines are bounded by limited liability …
Persistent link: https://www.econbiz.de/10010577635
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Multiple-Bank Lending, Creditor Rights and Information Sharing
Bennardo, Alberto; Pagano, Marco; Piccolo, Salvatore - C.E.P.R. Discussion Papers - 2009
When a customer can borrow from several competing banks, multiple lending raises default risk. If creditor rights are poorly protected, this contractual externality can generate novel equilibria with strategic default and rationing, in addition to equilibria with excessive lending or...
Persistent link: https://www.econbiz.de/10005792414
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Ministererlaubnis für Kartellfälle: Kooperation im Sinne des Gemeinwohls?
Budzinski, Oliver; Stöhr, Annika - 2020
the much-discussed instrument of ministerial approval under Section 42 GWB by a regulation on the exemption of cartels …
Persistent link: https://www.econbiz.de/10012264937
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Ministererlaubnis für Kartellfälle : Kooperation im Sinne des Gemeinwohls?
Budzinski, Oliver; Stöhr, Annika - 2020
the much-discussed instrument of ministerial approval under Section 42 GWB by a regulation on the exemption of cartels …
Persistent link: https://www.econbiz.de/10012261718
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Should Banking Be Kept Separate from Commerce
Raskovich, Alexander - 2008
In the U.S., unlike much of the rest of the world, the mixing of banking and commerce is largely prohibited. One exception is industrial loan companies (ILCs), state chartered depository institutions some of which are owned by commercial parents. In 2006, the FDIC put a moratorium on the...
Persistent link: https://www.econbiz.de/10012056309
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Is Amazon the next Google?
Budzinski, Oliver; Köhler, Karoline Henrike - 2015
Dominant or apparently dominant internet platform increasingly become subject to both antitrust investigations and … further-reaching political calls for regulation. While Google is currently in the focus of the discussion, the next candidate … economic perspective and, consequently, do not warrant regulation or other drastic interventions (like breaking the company up …
Persistent link: https://www.econbiz.de/10011492570