Preexisting distortions in factor markets complicate the estimation of the social welfare effects of regulatory interventions. The existence of these tax interaction effects (TIEs) suggests that general equilibrium (GE) approaches should be used to evaluate regulatory policies. However, formal...

Since their first emergence in the work of Paul David thirty years ago, the dual issues of Path Dependence and Lock-In have become critically important subjects in the fields of economics, sociology, and business strategy. Theoretical and public policy debates on these issues have arisen,...

Benjamin Klein and Keith B. Leffler (1981), 'The Role of Market Forces in Assuring Contractual Performance', Journal of Political Economy, 89 (4), August, 615-41 -- I.P.L. Png and David Reitman (1995), 'Why Are Some Products Branded and Others Not?', Journal of Law and Economics, XXXVIII (1),...

This paper reports the first attempt to measure the importance of controlling marine debris as an aesthetic characteristic of beaches and coastal area. The results are based on a contingent valuation survey designed to estimate the economic value people would place on controlling marine debris...