When liability for environmental spills, product failures, or other types of accidents is imposed on firms with insufficient wealth, those firms may file for bankruptcy ---thereby becoming ''judgement proof''--- as soon as a major accident occurs. As a result, they are unlikely to choose...

Superfund cleanup has been extremely slow. Traditional analysis has centred around reducing the heavy negotiation and litigation to expedite the cleanup process. This paper investigates other factors which provide possible incentives for the PRPs to delay the cleanup, namely discounting, risk...

The agricultural and food sector is an ideal case for investigating the political economy of public policies. Many of the policy developments in this sector since the 1950s have been sudden and transfirmational, while others have been gradual but persistent. This article reviews and synthesizes...

This paper describes the major issues in the clearing of over-the-counter (OTC) derivatives and the current regulative initiatives aimed at removing the market opaqueness. The core of the paper is the comparison of the US Dodd-Frank Wall Street Reform and Consumer Protection Act and the European...

Optimale internationale Schuldenaufnahme Kapitalallokation und Kreditwürdigkeitskontrolle In diesem Beitrag wird ein Zweisektorenmodell einer wachsenden Wirtschaft einschließlich des Verhältnisses zwischen der Kapazität des Schuldendienstes und den Kreditbedingungen eines Landes entwickelt....

A model with proportional errors in variables arising naturally in microeconomics is considered. Unlike the classical additive errors case, all OLS parameter estimates exhibit attenuation bias that does not depend on the limiting distribution of the data. The distribution of OLS estimators is...

Since 2006, global prices and price volatility for foodgrain commodities have spiked frequently and dramatically. Such spikes have had the heaviest economic and social impact on developing nations, where agriculture accounts for a sizable portion of economic activity. We demonstrate how US...