Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Optimal Contracts Under Imperfect Enforcement Revisited
Author: Imperfect Contract Enforcement
Author: James E. AndersonPublisher:
ISBN:
Category : Contracts (International law).
Languages : en
Pages : 64
Book Description
We model imperfect contract enforcement when repudiators and their victims default to spot trading. The interaction between the contract and spot markets under improved enforcement can exacerbate repudiation and reduce contract execution, harming all traders. Improved contract execution benefits traders on the excess side of the spot market by attracting potential counter-parties, but harms them by impeding their exit from contracts found to be unfavorable. Multiple equilibria and multiple optima are possible, with anarchy a local optimum, perfect enforcement a local minimum and imperfect enforcement a global optimum. LDCs exhibit parameter combinations such that imperfect enforcement is optimal from their side of international markets. The model thus rationalizes the internationally varying patterns of imperfect enforceability observable in survey data.
Optimal Contracts with Enforcement Risk
Author: Nicola GennaioliPublisher:
ISBN:
Category : Bias (Law)
Languages : en
Pages : 0
Book Description
I build a model where potentially biased judges verify complex states by interpreting an imperfect signal whose noise captures factual ambiguities. In a sales and a financial transaction I show that judicial biases amplify and distort factual ambiguities, creating enforcement risk. To insure against such risk, parties write simple non-contingent contracts that optimally protect the party that is most vulnerable to judicial error. These results shed light on the empirical association between law and finance and rationalize salient features of real world enforcement regimes.
Legal Evolution and Contract Evolution Under Imperfect Enforcement
Author: Nicola GennaioliPublisher:
ISBN:
Category : Contracts
Languages : en
Pages : 55
Book Description
We model optimal contracts and the evolution of precedents by introducing imperfect enforcement into a standard incomplete contracts setup. We assume that biased trial courts can refuse to verify novel evidence but are bound to respect precedents, namely to verify evidence that other judges verified in past cases. Despite judicial biases, optimal contracts are innovative (contingent on both precedents and novel evidence). Noisy evidence and judicial biases, however, introduce enforcement risk and cause incentives to be low-powered. The use of innovative contracts is key. Their litigation refines the law and makes it more informative, so enforcement improves. As a result, parties can in turn write more complete contracts, which enable higher- powered incentives and improve welfare. This beneficial mechanism is hampered by judicial bias, which slows down legal evolution and causes enforcement risk to persist for a long time.
Agency Revisited
Author: Regulating Bioprospecting
Author: Padmashree Gehl SampathPublisher: United Nations University Press
ISBN: 9280811126
Category : Business & Economics
Languages : en
Pages : 289
Book Description
Bioprospecting--the search for useful biochemical compounds and genes in nature--has been the focus of international negotiations for more than a decade. This book examines the optimal property rights structures and institutional mechanisms for regulating bioprospecting for drug research. It includes examples of bioprospecting collaborations in several countries.
Handbook of Insurance
Author: Georges DionnePublisher: Springer Science & Business Media
ISBN: 1461401550
Category : Business & Economics
Languages : en
Pages : 1133
Book Description
This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets and other insurance market applications. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance. This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.
The Welfare State Revisited
Author: José Antonio OcampoPublisher: Columbia University Press
ISBN: 0231546165
Category : Political Science
Languages : en
Pages : 380
Book Description
The welfare state has been under attack for decades, but now more than ever there is a need for strong social protection systems—the best tools we have to combat inequality, support social justice, and even improve economic performance. In this book, José Antonio Ocampo and Joseph E. Stiglitz bring together distinguished contributors to examine the global variations of social programs and make the case for a redesigned twenty-first-century welfare state. The Welfare State Revisited takes on major debates about social well-being, considering the merits of universal versus targeted policies; responses to market failures; integrating welfare and economic development; and how welfare states around the world have changed since the neoliberal turn. Contributors offer prescriptions for how to respond to the demands generated by demographic changes, the changing role of the family, new features of labor markets, the challenges of aging societies, and technological change. They consider how strengthening or weakening social protection programs affects inequality, suggesting ways to facilitate the spread of effective welfare states throughout the world, especially in developing countries. Presenting new insights into the functions the welfare state can fulfill and how to design a more efficient and more equitable system, The Welfare State Revisited is essential reading on the most discussed issues in social welfare today.
Contract Law Minimalism
Author: Jonathan MorganPublisher: Cambridge University Press
ISBN: 110747020X
Category : Law
Languages : en
Pages : 314
Book Description
Commercial contract law is in every sense optional given the choice between legal systems and law and arbitration. Its 'doctrines' are in fact virtually all default rules. Contract Law Minimalism advances the thesis that commercial parties prefer a minimalist law that sets out to enforce what they have decided - but does nothing else. The limited capacity of the legal process is the key to this 'minimalist' stance. This book considers evidence that such minimalism is indeed what commercial parties choose to govern their transactions. It critically engages with alternative schools of thought, that call for active regulation of contracts to promote either economic efficiency or the trust and co-operation necessary for 'relational contracting'. The book also necessarily argues against the view that private law should be understood non-instrumentally (whether through promissory morality, corrective justice, taxonomic rationality, or otherwise). It sketches a restatement of English contract law in line with the thesis.
Regulation Versus Litigation
Author: Daniel P. KesslerPublisher: University of Chicago Press
ISBN: 0226432181
Category : Business & Economics
Languages : en
Pages : 344
Book Description
The efficacy of various political institutions is the subject of intense debate between proponents of broad legislative standards enforced through litigation and those who prefer regulation by administrative agencies. This book explores the trade-offs between litigation and regulation, the circumstances in which one approach may outperform the other, and the principles that affect the choice between addressing particular economic activities with one system or the other. Combining theoretical analysis with empirical investigation in a range of industries, including public health, financial markets, medical care, and workplace safety, Regulation versus Litigation sheds light on the costs and benefits of two important instruments of economic policy.