Monetary sanctions are less effective when agents cannot afford to pay them in full. We present a simple model of a society with two types of risk averse agents, differing in terms of productivity in the legal labor market. We consider transfers from the most productive to the least productive...

This article uses economic categories to show how the reorganization of civil procedure in the case of class action is not merely aimed at providing a more efficient litigation technology, as hierarchies (and company law) might do for other productive activities, but that it also serves to...

We present a model of the Catholic Church as a heterogeneous club managed by a specialized hierarchical agency, that pursues the enlargement of the club within given constraints. Religious indulgences are introduced as a way of inducing a self selection of members, based on their attitudes...

In metropolitan areas collective transport is often supplied by many firms and in many modes. The paper focuses on the merging of decisions about prices in two market regimes: monopoly and benevolent regulation through Ramsey pricing. The results confirm that centralization entails efficiency...