This paper examines the sizes of the fines, damage awards, remediation costs, and market value losses imposed on companies that violate environmental regulations. Firms violating environmental laws suffer statistically significant losses in the market value of firm equity. The losses, however,...

If shareholders own diversified portfolios, and if companies impose externalities on one another, shareholders do not want value maximization to be corporate policy. Instead, shareholders want companies to maximize portfolio values. This occurs when firms internalize between-firm externalities....

What might religion do to improve our understanding of economics and human behavior? Here I contrast the mainstream economics view of choice and behavior with the religious view. In the mainstream economics view, human beings are rational calculating maximizers of utility. In the religious view,...

The basic result of this paper is that when government provides either public goods, private goods with externalities, or transfers motivated by altruism, public provision is large enough to completely crowd out private provision. In contrast, when government provides private goods, public...