This paper shows that reciprocity has powerful implications for many economic domains. It is an important determinant in the enforcement of contracts and social norms and enhances the possibilities of collective action greatly. Reciprocity may…
Papers in Economic Law
Economic Law papers in Law, F
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This paper develops a simple technique that controls for false discoveries, ormutual funds that exhibit significant alphas by luck alone. Our approach precisely separates funds into (1) unskilled, (2) zero-alpha, and (3) skilled funds, even with…
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A long-standing contrast in academic discussions of science concerns its perceived disenchanting or enchanting public impact. In one image, science displaces magical belief in unknowable entities with belief in knowable forces and processes and…
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Data sets, one from a large brokerage and another from a major bank, to ask: (i) whether financial advisors are more likely to be matched with poorer, uninformed investors or with richer and experienced investors; (ii) how advised accounts actually…
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This paper illustrates the paradox of prudential under-regulation in an economy that adopts financial reform, a reform which exposes the economy to future financial crises. There is individual-uncertainty about the crisis incidence, and the…
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The global financial crisis raises questions about the proper objectives of financial regulation and how best to meet them. Traditionally, capital requirements have been the cornerstone of bank regulation. However, the run on the investment bank…
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Discusses principal conceptual approaches to privatization, regulation and competition in developing countries. Economic rationale for state regulation of market economies; Role of competition in the development process; Economic reform policies.
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This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for…
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I: An Economic Approach to Federalism, II: The Division of Functions Among Levels of Government, III: The Theory of Intergovernmental Grants, IV: Taxation and Debt Finance in a Federal System, V: An Empirical Study of Federal Finance, VI: The…
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This paper explores the logic of fiscal restraints in a political agency model with both moral hazard and adverse selection. The role of the political process is both to discipline incumbents who may act against the public interest and to sort in…
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This article contrasts supporting partnerships through relational contracting and supporting partnerships through formal legal institutions. A large population of players interact in bilateral relationships. Efficiency requires cooperation, but…
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Es during the 2007 to 2009 recession had a large negative effect on house prices, residential investment, and durable consumption. Our empirical methodology uses state laws requiring a judicial foreclosure as an instrument for actual foreclosures,…
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Newly developed long historical time series on public debt, along with modern data on external debts, allow a deeper analysis of the cycles underlying serial debt and banking crises. The evidence confirms a strong link between banking crises and…
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The organization of talent in online communities has been pivotal for the development of open source software. We are currently witnessing a related phenomenon that is at least of equal importance: the `open-sourcing' of digital content through a…
Papers in associated sub-disciplines
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