The lack of property rights in joint projects can cause hold-up problems, as expected fights over the proceeds make investing not worthwhile. We investigate theoretically and experimentally if the availability of different contractual sharing rules can solve the hold-up problem. As theory...

Due to the public good character of protective measures against natural disasters events, their allocation is very often in the realm of bureaucratic and expert agencies. Based on the economic theory of bureaucracy the behavior of a bureau providing the good "protection against natural hazards"...

An analysis of the effects of natural hazards on society does not solely depend on a region's topographic or climatic exposure to natural processes, but the region's institutional resilience to natural processes that ultimately determines whether natural processes result in a natural hazard or...