Several countries with large end-consumer markets for timber have the declared objective of supporting forest sustainability around the globe, but the world's most important forests are, in fact, outside their jurisdictions. Actions to protect these forests are therefore constrained by the legal...

Among academics and policymakers, it is generally agreed that implicit tax subsidies for maritime fuels — which are currently granted around the world — are inefficient, but that their abolishment requires a unanimous international agreement. Such an agreement is deemed indispensable because...

This paper proposes a quantitative approach to study two methodological problems arising when alternative legal rules are compared: a) aggregating individual into social preferences and b) choosing the object of maximization. We consider a redistribution policy that reduces inequality but...

The United States has one of the highest incarceration rates in the world. Imprisoning a large portion of the population imposes a heavy financial burden on the society. On the other hand, many European countries increased their use of alternative sanctions and developed a rich sentencing...

The purpose of this article is to contribute with new insight to the widespread debate aimed at assessing the Emissions Trading Scheme (ETS) effectiveness in promoting emissions reduction. A theoretical benchmark consistent with the Polluter Pays Principle is determined to assess the ETS cap...

From an economic point of view, there has to be a rationale for government intervention in markets in the form of consumer protection laws. This rationale results from economic inefficiencies in markets: particularly the occurrence of market failures. If markets do not work properly, inefficient...