This paper characterizes the choice between centralization and decentralization as a risk-return trade-off and examines it in a model that integrates ideas from committee-decisionmaking and portfolio theories. Centralization, by pooling expertise, rarely yields erroneous decisions; however, when...

The so-called Coase Theorem is one of the cornerstones of the Law and Economics approach. This paper investigates whether it is appropriate to apply the Coasean framework in the context of Environmental Law and Economics. Even when transaction costs are zero, it is argued that in the specific...

The picture of a Trojan horse, wrapped in banners reading STOP CETA, best portrays the fears underpinning the public opposition to the Comprehensive Economic and Trade Agreement with Canada (CETA). The main suspicion is that the technical jargon of the economic transatlantic deal, hailed as...

Emissions trading is becoming increasingly popular in environmental law. Allowances to trade emissions can either be auctioned off or handed out free of charge by means of grandfathering. Although grandfathering is frequently used in emissions trading schemes, it is a popular view in the...

The Precautionary Principle, widely adopted at national and international level, has been harshly criticized by both academic scholars and policy makers. A key argument is that the Principle, if interpreted with balance, should amount to nothing but the application of cost-benefit analysis (CBA)...