This paper deals with the market for SO{sub 2} emission allowances over time and electric utility compliance choices. For currently high emitting plants ( 2.5 lb SO{sub 2}/MMBtu), the 1990 Clean Air Act Amendments (CAAA) provide for about twice as many SO{sub 2} allowances to be issued per year...

We show that non-binding law can have a constraining e ffect on political leaders, because legal compliance is a costly signal to imperfectly informed voters that the leader is unbiased. Moreover, non-binding law can also have a liberating effect, enabling some leaders to take action when they...

We consider whether a career-minded expert would make better decisions if the principal could observe the consequences of the expert's action. The previous literature has found that this "transparency of consequence" can only improve the efficacy of the expert's decision making. We show,...

This paper examines how partisanship influences the willingness of an overseer to exercise her check on executive power. In doing so, we provide a theory of divided government based on the need for effective oversight. The sequential nature of oversight means that by the time the overseer is...