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Articles 1 - 30 of 44
Full-Text Articles in Social and Behavioral Sciences
Culture And Prosperity: The Truth About Markets—Why Some Nations Are Rich But Most Remain Poor (Book Review), Jonathan B. Wight
Culture And Prosperity: The Truth About Markets—Why Some Nations Are Rich But Most Remain Poor (Book Review), Jonathan B. Wight
Economics Faculty Publications
John Kay’s latest book offers an absorbing romp through the history of economic thought in the 20th century. Kay attempts to explain the complex reality of a modern market system rather than resorting to simplistic theorizing about it. Gone are perfectly rational traders, perfectly competitive markets, incentive compatibilities, low transaction costs, informational symmetries, and no externalities. Kay highlights problems and problem solving as the ubiquitous and historical strata through which markets in the West evolved.
Putting Humpty Dumpty Back Together: Pricing In Anticommons Property Arrangements, Ben Depoorter, Sven Vanneste
Putting Humpty Dumpty Back Together: Pricing In Anticommons Property Arrangements, Ben Depoorter, Sven Vanneste
George Mason University School of Law Working Papers Series
Recently, a new theory has drawn considerable attention in the literature on common property. A number of scholars have pointed to the danger of excessive propertization in the context of what are termed "anticommons" property regimes. Although this theory has found its way into numerous legal and economic applications, the empirical and cognitive foundations of the theory of fragmentation remain unexplored. Based on experimental data, this Article conducts an investigation into the social and personal processes involved in the anticommons.
The results confirm the theoretical proposition that anticommons deadweight losses increase with the degree of complementarity between individual parts and …
The Unsolvable Dilemma Of A Paretian Policymaker, Giuseppe Dari-Mattiacci, Nuno Garoupa
The Unsolvable Dilemma Of A Paretian Policymaker, Giuseppe Dari-Mattiacci, Nuno Garoupa
George Mason University School of Law Working Papers Series
In this paper, we argue that social decisionmaking is subject to a fundamental conflict between consistency and completeness. We show that a consistent welfarist method of policy assessment, that is, one that never violates the Pareto principle, may be incomplete in the sense of being incapable of providing a solution to important social welfare problems.
Does Soft Dollar Brokerage Benefit Portfolio Investors: Agency Problem Or Solution?, Stephen M. Horan, D. Bruce Johnsen
Does Soft Dollar Brokerage Benefit Portfolio Investors: Agency Problem Or Solution?, Stephen M. Horan, D. Bruce Johnsen
George Mason University School of Law Working Papers Series
With soft dollar brokerage, institutional portfolio managers pay brokers “premium” commission rates in exchange for rebates they use to buy third-party research. One hypothesis views this practice as a reflection of the agency problem in delegated portfolio management; another views it as a contractual solution to the agency problem that aligns the incentives of investors, managers, and brokers where direct monitoring mechanisms are inadequate. Using a database of institutional money managers, we find that premium commission payments are positively related to risk-adjusted performance, suggesting that soft dollar brokerage is a solution to agency problems. Moreover, premium commissions are positively related …
A Culturally Correct Proposal To Privatize The British Columbia Salmon Fishery, D. Bruce Johnsen
A Culturally Correct Proposal To Privatize The British Columbia Salmon Fishery, D. Bruce Johnsen
George Mason University School of Law Working Papers Series
Canada now faces two looming policy crises that have come to a head in British Columbia. The first is long-term depletion of the Pacific salmon fishery by mobile commercial ocean fishermen racing to intercept salmon under the rule of capture. The second results from Canadian Supreme Court case law recognizing and affirming “the existing aboriginal and treaty rights of the aboriginal peoples of Canada” under Section 35(1) of the Constitution Act, 1982. This essay shows that the economics of property rights provides a joint solution to these crises that would promote the Canadian commonwealth by way of a privatization auction …
The Coordinated Effects Of Mergers In Differentiated Products Market, Kai-Uwe Kuhn
The Coordinated Effects Of Mergers In Differentiated Products Market, Kai-Uwe Kuhn
Law & Economics Working Papers Archive: 2003-2009
No abstract provided.
November 2004, Syracuse Department Of Economics
November 2004, Syracuse Department Of Economics
Economics - All Scholarship
No abstract provided.
Strict Liability For Gatekeepers: A Reply To Professor Coffee, Frank Partnoy
Strict Liability For Gatekeepers: A Reply To Professor Coffee, Frank Partnoy
University of San Diego Law and Economics Research Paper Series
This article responds to a proposal by Professor John C. Coffee, Jr. for a modified form of strict liability for gatekeepers. Professor Coffee’s proposal would convert gatekeepers into insurers, but cap their insurance obligations based on a multiple of the highest annual revenues the gatekeepers recently had received from their wrongdoing clients. My proposal, advanced in 2001, would allow gatekeepers to contract for a percentage of issuer damages, after settlement or judgment, subject to a legislatively-imposed floor. This article compares the proposals and concludes that a contractual system based on a percentage of the issuer’s liability would be preferable to …
Encumbered Shares, Shaun Martin, Frank Partnoy
Encumbered Shares, Shaun Martin, Frank Partnoy
University of San Diego Law and Economics Research Paper Series
The fundamental assumptions in the law and economics literature about shareholder voting and the one-share/one-vote rule are flawed. The classic view is that share ownership is necessary and sufficient to create voting rights and that such rights should be directly proportional to share ownership. We demonstrate that this assumption is unfounded, both for shares that are “economically encumbered” (held by shareholders who are not pure residual claimants; e.g., a shareholder who owns one share and is also short one or more shares) as well as shares that are “legally encumbered” (held or associated with more than one shareholder; e.g., shares …
Theory And Practice Of Competition Advocacy At The Ftc, James C. Cooper, Paul A. Pautler, Todd J. Zywicki
Theory And Practice Of Competition Advocacy At The Ftc, James C. Cooper, Paul A. Pautler, Todd J. Zywicki
George Mason University School of Law Working Papers Series
This article was prepared as part of a recent symposium celebrating the Ninetieth Anniversary of the founding of the Federal Trade Commission. In addition, fall 2004 marks the Thirtieth Anniversary of a pivotal moment in the establishment of the modern advocacy program at the FTC, Chairman Lewis Engman’s speech on the economic burden that inefficient transportation regulation policies were imposing on the American economy. Although the FTC has been involved in advocacy activities since its founding, Engman’s speech symbolized a new aggressiveness on the part of the FTC in using its expertise to work with other governmental actors at all …
Does The Tax Law Discriminate Against The Majority Of American Children: The Downside Of Our Progressive Rate Structure And Unbalanced Incentives For Higher Education?, Lester B. Snyder
University of San Diego Law and Economics Research Paper Series
Our graduate income tax structure provides an incentive to shift income to lower-bracket family members. However, some parents have much more latitude to shift income to their children than do others. Income derived from services and private business-by far the majority of American income-is less favored than income derived from publicly traded securities. The rationale given for this discrimination is that parents in services or private business, as opposed to those in securities, do not actually part with control of their property. This article explores these tax broader (yet subtle) tax benefits and their impact on the majority of children …
Rents, Dissipation, And Lost Treasures With N Parties, Giuseppe Dari-Mattiacci, Eric Langlais, Francesco Parisi
Rents, Dissipation, And Lost Treasures With N Parties, Giuseppe Dari-Mattiacci, Eric Langlais, Francesco Parisi
George Mason University School of Law Working Papers Series
The rent-seeking literature is unanimous on the fact that, in a rent-seeking context, the rent dissipation increases with the number of potential participants. In this paper we analyze the participants' choice to enter the game and their levels of efforts. We show that the usual claim - that the total dissipation approaches the entire value of the rent - applies only when participants are relatively weak. In the presence of strong competitors, the total dissipation actually decreases, since participation in the game is less frequent. We also consider the impact of competitors' exit option, distinguishing between redistributive rent-seeking and productive …
Obesity And Advertising Policy, Todd J. Zywicki, Debra Holt, Maureen Ohlhausen
Obesity And Advertising Policy, Todd J. Zywicki, Debra Holt, Maureen Ohlhausen
George Mason University School of Law Working Papers Series
It is clear that Americans are getting fatter, both adults and children. This development has led some to call for a ban on food advertising directed at children. There are numerous practical and constitutional difficulties with such a policy. This article poses a more fundamental question - even if feasible, would restricting food advertising do anything to reduce obesity or even slow its trends? The article also considers whether the social costs of banning advertising could outweigh the social benefits of such an action.
This article provides a review of the literature on the fundamental causes of the American obesity …
The Past, Present And Future Of Community Reinvestment Act (Cra): A Historical Perspective, Akm Rezaul Hossain
The Past, Present And Future Of Community Reinvestment Act (Cra): A Historical Perspective, Akm Rezaul Hossain
Economics Working Papers
This paper takes a historical approach to understand the evolution of one of the most controversial banking regulations in recent history, the Community Reinvestment Act (CRA) of 1978 and its effects on access to credit and banking services to community borrowers. The paper lays out the historical milieu of credit markets in the late seventies and describes the early justification of this legislation. The paper explores the implementation of the act through regulations on lending institutions and the effects of the regulations on depository lenders and community borrowers. Detailed description of the reactions to CRA regulations by different parties involved …
How Economists Cite Literature: Citation Analysis Of Two Core Pakistani Economic Journals, Ashraf Sharif, Khalid Mahmood
How Economists Cite Literature: Citation Analysis Of Two Core Pakistani Economic Journals, Ashraf Sharif, Khalid Mahmood
Libraries
Selected volumes of the Pakistan Development Review (PDR) and the Pakistan Economic and Social Review (PESR) were analysed to find the citation pattern of their articles. Eight volumes of each journal were selected, two volumes representing a decade. The results revealed that the PDR has been the most cited journal. The mean score of citations per article remained insignificantly different in the two core journals. More than 50 per cent of the citations from both journals were single-authored. More than 50 per cent of the citations were from non-journal sources, mainly books. Although citations from online sources were seen, it …
Sex, Shame, And The Law: An Economic Perspective On Megan's Law, Doron Teichman
Sex, Shame, And The Law: An Economic Perspective On Megan's Law, Doron Teichman
Law & Economics Working Papers Archive: 2003-2009
This Article focuses on the question, how should policymakers aiming to minimize the cost of sanctioning utilize legal and nonlegal sanctions when designing a system of criminal sanctions. After presenting the general economic case for the use of nonlegal sanctions the article turns to present a model of shaming, which unlike existing models, incorporates the endogenous effects of legal and nonlegal sanctions. This model demonstrates that tailoring an efficient regime that combines legal and nonlegal sanctions might be more difficult than previously perceived by law and economics scholars. A specific case study presented in this article is of the current …
Economic Theories Of Bundling And Their Policy Implications In Abuse Cases: An Assessment In Light Of The Mircrosoft Case, Kai-Uwe Kuhn
Economic Theories Of Bundling And Their Policy Implications In Abuse Cases: An Assessment In Light Of The Mircrosoft Case, Kai-Uwe Kuhn
Law & Economics Working Papers Archive: 2003-2009
No abstract provided.
Banking The Poor: Policies To Bring Low-Income Americans Into The Financial Mainstream, Michael S. Barr
Banking The Poor: Policies To Bring Low-Income Americans Into The Financial Mainstream, Michael S. Barr
Law & Economics Working Papers Archive: 2003-2009
Low-income households in the United States often lack access to bank accounts and face high costs for conducting basic financial transactions through check cashers and other alternative financial service providers. These families find it more difficult to save and plan financially for the future. Living paycheck to paycheck leaves them vulnerable to medical or job emergencies that may endanger their financial stability, and lack of longer-term savings undermines their ability to improve skills, purchase a home, or send their children to college. High-cost financial services and inadequate access to bank accounts may undermine widely-shared societal goals of reducing poverty, moving …
Montana Nonresident Traveler Expenditure Profiles: 2003, Jim Wilton
Montana Nonresident Traveler Expenditure Profiles: 2003, Jim Wilton
Institute for Tourism and Recreation Research Publications
This report examines spending profiles of nonresident travelers to Montana. It displays the average daily expenditures by purpose of trip for different spending categories during 2003.
Montana Nonresident Traveler Expenditure Trends: 1993-2003, Jim Wilton
Montana Nonresident Traveler Expenditure Trends: 1993-2003, Jim Wilton
Institute for Tourism and Recreation Research Publications
This report shows the nonresident traveler expenditure trends for visitors of Montana from 1993-2003. It also displays the total actual expenditures and the total inflation-adjusted expenditures.
Montana Nonresident Traveler Expenditures And Economic Contribution: 2003, Jim Wilton
Montana Nonresident Traveler Expenditures And Economic Contribution: 2003, Jim Wilton
Institute for Tourism and Recreation Research Publications
This report shows the economic contributions, expenditures, and average daily spending of nonresident visitors to Montana during 2003.
What Is Fiscal Responsibility? Long-Term Deficits, Generational Accounting, And Capital Budgeting, Neil H. Buchanan
What Is Fiscal Responsibility? Long-Term Deficits, Generational Accounting, And Capital Budgeting, Neil H. Buchanan
Rutgers Law School (Newark) Faculty Papers
This article assesses three basic approaches to assessing the future effects of the government’s fiscal policies: traditional measures of the deficit, measures associated with Generational Accounting, and measures derived from applying Capital Budgeting to the federal accounts. I conclude that Capital Budgeting is the best of the three approaches and that Generational Accounting is the least helpful. Acknowledging that there might be some value in learning what we can from a variety of approaches to analyzing fiscal policy, I nevertheless conclude that Generational Accounting is actually a misleading or--at best--empty measure of future fiscal developments. The best approach to providing …
April 2004, Syracuse Department Of Economics
April 2004, Syracuse Department Of Economics
Economics - All Scholarship
No abstract provided.
Banking The Poor, Michael S. Barr
Banking The Poor, Michael S. Barr
Law & Economics Working Papers Archive: 2003-2009
Low-income households often lack access to banking accounts and face high costs for transacting basic financial services through check cashers and other alternative financial service providers. These families find it more difficult to save and plan financially for the future. Living paycheck to paycheck leaves them vulnerable to medical or job emergencies that may endanger their financial stability, and lack of longer-term savings undermines their ability to improve skills, purchase a home, or send their children to college. Additionally, high cost financial services and inadequate access to bank accounts may undermine widely-shared societal goals of reducing poverty, moving families from …
Credible Coercion, Oren Bar-Gill, Omri Ben-Shahar
Credible Coercion, Oren Bar-Gill, Omri Ben-Shahar
Law & Economics Working Papers Archive: 2003-2009
The ideal of individual liberty and autonomy requires that society provide relief against coercion. In the law, this requirement is often translated into rules that operate “post-coercion” to undo the legal consequences of acts and promises extracted under duress. This Article argues that these ex-post anti-duress measures, rather than helping the coerced party, might in fact hurt her. When coercion is credible—when a credible threat to inflict an even worse outcome underlies the surrender of the coerced party—ex post relief will only induce the strong party to execute the threatened outcome, to the detriment of the coerced party. Anti-duress relief …
"Agreeing To Disagree": Filling Gaps In Deliberately Incomplete Contracts, Omri Ben-Shahar
"Agreeing To Disagree": Filling Gaps In Deliberately Incomplete Contracts, Omri Ben-Shahar
Law & Economics Working Papers Archive: 2003-2009
This Article develops a new standard for gap filling in incomplete contracts. It focuses on an important class of situations in which parties leave their agreement deliberately incomplete, with the intent to further negotiate and resolve the remaining issues. In these situations, neither the traditional no-enforcement result nor the usual gap filling approaches accord with the parties’ partial consent. Instead, the Article develops the concept of pro-defendant gap-fillers, under which each party is granted an option to enforce the transaction supplemented with terms most favorable (within reason) to the other party. A deliberately incomplete contract with pro-defendant gap fillers transforms …
Why We Need The Independent Sector: The Behavior, Law, & Ethics Of Not-For-Profit Hospitals, Jill R. Horwitz
Why We Need The Independent Sector: The Behavior, Law, & Ethics Of Not-For-Profit Hospitals, Jill R. Horwitz
Law & Economics Working Papers Archive: 2003-2009
Among the major forms of corporate ownership, the not-for-profit ownership form is distinct in its behavior, legal constraints, and moral obligations. A new empirical analysis of the American hospital industry, using eleven years of data for all urban general hospitals in the country, shows that corporate form accounts for large differences in the provision of specific medical services. Not-for-profit hospitals systematically provide both private and public goods that are in the public interest, and that other forms fail to provide. Two hypotheses are proposed to account for the findings, one legal and one moral. While no causal claims are made, …
On The "Bitter Quarrel" Between Economics And Its Enemies, Sandra J. Peart
On The "Bitter Quarrel" Between Economics And Its Enemies, Sandra J. Peart
Jepson School of Leadership Studies articles, book chapters and other publications
Economics has long had its enemies. The question is, why? What, precisely, is it about economics that its critics oppose? William Coleman seeks to tell the story of «anti-economics», «to take its measure» (p. 3), and then finally to defend economics from these attacks. His is a broad, sweeping study that uses a wide lens, panoramically over time, to survey the opposition. The crisis in economics, edited by Edward Fullbrook, provides us instead with a detailed snapshot of a recent sort of anti-economics - the Post-Autistic Economics (PAE) movement that originated among French economics students in 2000. Both serve to …
Cuba's Energy Challenge: Fueling The Engine Of Future Economic Growth, Jorge R. Piñón
Cuba's Energy Challenge: Fueling The Engine Of Future Economic Growth, Jorge R. Piñón
Institute for Cuban & Cuban-American Studies Occasional Papers
No abstract provided.
Rules, Principles, And The Accounting Crisis In The United States, William W. Bratton
Rules, Principles, And The Accounting Crisis In The United States, William W. Bratton
All Faculty Scholarship
The Sarbanes-Oxley Act and the Securities Exchange Commission move too quickly ·when they prod the Financial Accounting Standards Board, the standard setter for US GAAP, to move immediately to a principles-based system. Priorities respecting reform of corporate reporting in the US need to be ordered more carefully. Incentive problems impairing audit performance should be solved first through institutional reform insulating the audit from the negative impact of rent-seeking and solving adverse selection problems otherwise affecting audit practice. So long as auditor independence and management incentives respecting accounting treatments remain suspect. the US reporting system holds out no actor plausibly positioned …