We test the rational economic model of marginal deterrence of law enforcement - i.e., the need for graduating the penalty to the severity of the crime. We combine individual-level data on sentence length for a representative sample of US inmates with proxies for maximum punishment and monitoring...

We test the rational economic model of marginal deterrence of law enforcement - i.e., the need for graduating the penalty to the severity of the crime. We combine individual-level data on sentence length for a representative sample of US inmates with proxies for maximum punishment and monitoring...

In this paper, we explore how competition among stock exchanges, operated as self-regulatory organizations (SROs), affects the design of their members' surveillance. We develop a model where two for-profit SROs compete for trading volume, while brokers execute transactions on behalf of the...

This report analyzes the functioning of the legal and regulatory framework for the securities market in Japan. The Financial Services Agency (FSA) enjoyed specific powers with respect to the various security laws and regulations laid down by the International Organization of Securities...

In this paper we investigate how enforcement of regulation affects the size of irregular sector, firm perfomance and the exit rate to the market. Three kinds of enforcement policy will be tested in the model: control, punish and legitimacy. The first policy is based on the number of inspectors...

In this paper an agent-based model (abm) will be used to study the effects of enforcement policy in Italy: d.lgs. 124/2004. Three kinds of policy will be tested in the model: control, sanction and legitimacy-regulation. The first policy is based on the number of inspectors present in the...