Consider legal uncertainty as uncertainty about the legality of a specific action. In particular, suppose that the threshold of legality is uncertain. I show that this legal uncertainty raises welfare. Legal uncertainty changes deterrence in opposite directions. The probability of conviction...

In this paper we revisit the literature on the economic consequences from inefficiency in public services provision. Following Dupuit (1844) and Pigou (1947) we argue that it is important to take the financing side explicitly into account. The fact that public expenditure financing must rely on...

Krisen signalisieren ereignishafte Abweichungen vom Normalzustand und veranlassen Gesellschaften zur (Selbst-)Reflektion. Die „Corona-Krise“ lieferte dazu schillerndes Anschauungsmaterial. Angesichts der scheinbaren Omnipräsenz von Krisen stellt sich die Frage, wie Staaten im 21....