This paper focuses on several unique devices of the Cape Town Convention 2001. The Convention aims to establish a stable international legal framework for the protection of secured creditors in case of a debtor's default in relation to asset-based financing and leasing of mobile equipment, that...

This paper deals with the interaction between informal sanctions imposed by social norms and formal sanctions authorized by law. While some scholars claim that the formal rule merely substitutes for the informal rule, other authors argue that formal and informal rules are complementary. If the...

This paper derives formulae that show the marginal benefits of public inputs in second-best economies with tax distortions. The values of the change in the aggregate net output vector (and in some cases the change of profit income) evaluated at appropriate shadow prices show their marginal...

The Pigovian rule for the optimal public goods provision with distortionary taxation is given a new interpretation. It relates the Pigovian rule to project evaluation rules in terms of shadow prices. Our formula for the Pigovian rule is compared with that given by existing literature for cases...