The insurance contract is an important factor of the present economic life. It has been regulated until now by many laws, in order to establish certain rules to govern this important area, such as the insurance market, which is continuously changing. The new Romanian Civil Code regulates this...

In this paper, the unilateral divorce law is modelled trough the combination of exclusive rights on the marriage dissolution and alternative compensation rules benefiting to the parent having custody of the children. Their influence are studied both in the short run (probability and efficiency...

This paper presents an economic theory of property, tort, and contract law based on the goal of efficiently governing economic exchange relationships. In the theory, legal boundaries emerge endogenously in response to exogenous differences in the nature of the underlying transaction concerning...

The link between freedom of speech and democracy is based on ideological legitimacy report. A new phenomenon which is worth noticing is the conversion of the freedom of expression from a freedom seen in certain aspects as a solitary freedom into a communication of the masses. Another challenge...

We assess the credit market impact of mortgage “strip-down” — reducing the principal of underwater residential mortgages to the current market value of the property for homeowners in Chapter 7 or Chapter 13 bankruptcy. Strip-down of mortgages in bankruptcy was proposed as a means of...

La institucionalidad de los gobiernos locales tiene un impacto significativo en la pobreza: un mayor riesgo de corrupción e ineficiencia en el uso de las transferencias para el gasto en educación y salud incrementa la pobreza de los municipios colombianos y por el contrario, una gestión...

Under certain circumstance, a relaxation in occupational licensing standards can increase the quality of those who enter the industry. The effect turns on the opportunity costs of preparing for the licensing examination: making the test easier can increase the quality of those passing if it...

The appellate review system is intended to serve as an efficient remedy for imperfect judicial decision making. However, it can fulfill this task only when appeals are filed solely due to bad verdicts and are ex-ante unpredictable based on factors that are exogenous to the judge. Using data from...

Because verdicts are typically the more costly resolution of legal disputes, most governments are interested in high settlement rates. In this paper, we use a unique dataset of 860 case records from a German trial court to explore which factors have a significant impact on the decision to settle...

An ongoing problem in the application of U.S. antitrust law is the delineation of the appropriate product market. Demand and supply substitutability, as measured by the coefficients of cross elasticity of demand and the coefficient of elasticity of supply, respectively, were introduced in the...