Much productive activity that once took place within a single firm now occurs when two firms collaborate to produce a new product such as a drug or software program. The agreements that govern these collaborations are not enforceable contracts; they lack standard terms such as prices and...

The standard model of optimal deterrence predicts that the probability of wrongful conviction of the innocent is, at the margin, as detrimental to deterrence as the probability of wrongful acquittal of guilty individuals. We extend the model in several directions: using expected utility as well...

This paper provides an overview of a recently proposed spectrum sharing model – 'Authorized Shared Access' or 'Licensed Shared Access' (ASA/LSA) – and compares it to other sharing models in order to outline its distinctive features and fields of application. The main feature of this new...

The key role of institutions for economic performance has recently been acknowledged in the economic policy debate. This paper aims at pointing out the main policy lessons and the recommendations to be drawn from New Institutional Economics (NIE), when considering the organization of markets. We...

The Law and Economics literature on public law enforcement has generally treated separately the issue of marginal deterrence from that of punishing repeated offenders though escalating penalties. We extend the model provided by Emons (2003) to show how pursuing both policies may generate an...