type="main" <p>This paper analyzes the effects on incentives to invest in the development of complementary innovations within research and development (R&D) collaborations of two alternative appropriability regimes: an “openness regime” whereby parties make an <fr>ex ante</fr> commitment to reciprocal...</p>

Concern for relative consumption introduces an additional source of risk for future pensioners. We study its implications, in terms of optimal risk diversification, for the choice of the mix between a pay-as-you-go and a funded pension systems. We identify a necessary and sufficient condition...

This article aims at clarifying the role played by licenses within the increasingly relevant Open Source Software (OSS) phenomenon. In particular, the article explores from a theoretical point of view the comparative properties of the two main categories of OSS license--copyleft and non-copyleft...

In this paper we claim that enhanced economic integration can call for an increase in redistribution among workers. When individuals are risk averse and no human capital insurance is available, the share of workers who choose to invest in "specific" human capital will be inefficiently low....

This article analyzes the effects on ex ante incentives to invest in the development of complementary innovations of two alternative appropriability strategies: a strategy of exclusion of third parties from access (through active enforcement of IPRs or technical means) vis-a-vis an openness...

This paper studies a unilateral accident model in which potentially judgment-proof agents (agents who may have insufficient assets to satisfy a judgment against them) choose levels of both monetary and nonmonetary care. We show that (i) monetary care may exceed its first-best level under both...

The economic literature on crime and law enforcement shows that the optimal level of deterrence increases when maximal fines rise. This paper shows that this view may be incorrect. In particular, if the gains from crime can be disgorged, as is usually the case in reality, then increasing the...