This essay investigates the relation between legal and economic development in the PRC. It focuses on the period after the introduction of economic reforms in 1978. The political development in the PRC prior to 1978 left little room for legal development outside the realm of politics. In fact,...

In this article we address the hard question of what decision rule should control decision making by juries in criminal cases.

The purpose of this paper is to outline the basic economic logic underlying the guaranty relationship- its costs and benefits, and what distinguishes it from other financial arrangements for which it is a substitute.

Standard form contracts are an inevitable by-product of a mass production economy. Just as fixed costs and scale economies in production lead manufacturers to develop standardized goods, those regularly engaged in business find it advantageous to standardize the terms of which they product...

As from 1.1.1999 the currency of the participating Member States shall be the Euro". This sentence will be one of the core provisions of the monetary law of the monetary law of the Member States which will have adopted the Euro at the beginning of the third stage of Economic and Monetary Union....

We consider a model in which customers sequentially negotiate nonexclusive credit or insurance contracts from multiple risk-neutral firms in a market with free entry. Each contract is subject to moral hazard arising from a common noncontractible effort decision.

In settings where the Revelation Principle applies, delegation arrangements are frequently inferior to centralized decision-making, and at best achieve the same level of performance.This paper studies the value of delegation when organizations are constrained by a bound on the number of...

This paper tests whether Rodrik's (1999) results that institutions for conflict management are associated with the ability to react to economic shocks are robust to different ways of defining the quality of such institutions. We measure the quality of conflict management institutions with two...