Regulatory investigations by Self-Regulatory organizations (SROs) are usually considered cheaper than investigations by a government. However, in practice, oversight by an SRO is mostly still supplemented by governmental oversight. The government may exert oversight over the SRO itself, a...

The relationship between risk in the environment, risk aversion and inequality aversion is not well understood. Theories of fairness have typically assumed that pie sizes are known ex-ante. Pie sizes are, however, rarely known ex ante. Using two simple allocation problems—the Dictator and...