The authors analyse the present and coming financial consequences of the revolution caused by the new communication media (TV broadcast, DVD, internet…) towards the diffusion of literary and artistic works protected by intellectual property laws to an increasingly larger public. They...

We examine differences in the value of statistical life (VSL) across potential wage levels in panel data using quantile regressions with intercept heterogeneity. Latent heterogeneity is econometrically important and affects the estimated VSL. Our findings indicate that a reasonable average cost...

We examine the role of cross-listing in alleviating domestic market constraint and facilitating cross-border mergers and acquisitions. Cross-listing appears to strengthen the bargaining power of target firms, allowing them to extract higher takeover premiums relative to their non-cross-listed...

This paper wants to be both: an introduction to game-theoretical thinking as well as a game-theoretical discussion of Schiller’s Wallenstein. Note that the intention of this article is to convince theatergoers and people who work in the theatrical arts that it is worthwhile to study some game...

The paper reviews (in Czech) the main qualitative tools applied by (micro)economic analysis and surveys the main literature on the topic. Economics is often being criticised by its opponents for the use of unrealistic assumptions. On the contrary, my claim is that if economics has anything to...

One of the most controversial parts of F. A. Hayek's work is his theory of cultural evolution. By starting with current discussions on biological and cultural selection theories we bring individual, kin and group selection aspects together and shed some light on Hayek's thoughts on the Theory of...

This paper analyzes how international rules are established and stabilized, i.e. how an international institutional order develops. Rules emerge mainly through learning from negative experience and serve to reduce transaction costs. The paper looks at mechanisms that stabilize rule systems, at...

<titre traitementparticulier="non">Abstract</titre> The formulation of legal rules is a challenging issue for lawmakers. Trade-offs are inevitable between providing more guidance by specific rules and enlarging the scope by general rules. Using real options theory we show that the degree of precision should be considered as a degree of...

Most industrialized countries have increased access to abortion over the past 30 years. Economic theory predicts that abortion laws affect sexual behavior since they change the marginal cost of having risky sex. We use gonorrhea incidence as a metric of risky sexual behavior. Using a panel of 41...

The paper aims to investigate the main characteristics of institutions, as well as some of their more conspicuous peculiarities, as for instance, their resistance to change, chiefly when compared to the capacity and speed of transformation of what is called the other social factors (or...