We compare the influence of bankruptcy law on the risk of default and the rate of liquidation by banks. We show that it depends on whether it is pro-creditors or pro-debtors oriented, and on the intensity of competition between banks. Then , we analyse the various tools at the disposal of public...

This paper revisits the issue of the unilateral divorce law, taking into account that: 1/ the decisions to engage in marriage and then to divorce or to stay married are fundamentally sequential decisions; 2/ household consumption has a large joint component, generating economies of scale. The...

For contemporary legal theory, law is essentially an interpretative and hermeneutic practice (Ackerman (1991), Horwitz (1992)). A straightforward consequence is that legal disputes between parties are motivated by their divergent interpretations regarding what law says on their case. This point...

The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under uncertainty about timber production. Two types of hedging strategies with harvesting decisions are studied: a financial practice versus a physical one. We develop a two-period...

Our paper addresses the question of the deterrent effect of a monetary sanction associated to a collective rather than an individual liability, when crimes are realized within a hierarchical gang (defined as a criminal organization where the leader is a sleeping partner, and several agents are...