This is the first article to examine the effects of ambiguity aversion on the criminal process. Ambiguity aversion is a person’s rational attitude towards probability's indeterminacy. When a person is averse towards such ambiguities, he increases the probability of the unfavorable outcome to...

A central goal of any economy is to achieve rapid and sustained growth. This cannot happen without continued innovation. This landmark Handbook brings together many of the world’s legal scholars to examine features of the legal infrastructure that affect both innovation and growth....

With contributions from some of the leading scholars in law and economics, this comprehensive book summarizes the state of economic research on litigation, procedure and evidence.

Constant risk aversion means that adding the same constant to all outcomes of two distributions, or multiplaying all their outcomes by the same positive constant, will not change the preformence relation between them. In this paper we prove several representation theorems, where constant risk...

Our major claim is that when people behave strategically,it is wrong to interpret the betting rates they announce as their subjective probabilities of the different events. Instead, these rates should be understood as the prices at which subjects are willing to trade certain goods (simple...

A social policy is a rule which assigns each possible set of endowments an allocation of these endowments among members of society. This paper assumes that individuals have preferences over private consumption and preferences over all possible social policies.

This paper discusses two ways in which decision makers facing sequential choices can make themselves invulnerable to Dutch books.