Most mergers filed at the enforcement agencies are conglomerate in nature with only minor horizontal overlaps. An enforcement agency may challenge the merger, if any overlap is believed to be adversely affected by the transaction. While the merging firm is entitled to a hearing in federal court,...

We present a model of crime where two municipalities exist within a metro area (MSA). Consistent with the literature, local law enforcement has a crime reduction effect and a crime diversion effect. The former confers a spillover benefit to the other municipality, while the latter a spillover...

We develop a dynamic exchange environment to analyze the value created by contracting institutions. In the model, a contract is a pre-agreed specification of behavior, which may be subsequently enforced by a third party. We study the effect of economic fundamentals on the demand for such an...

This paper develops a game-theoretic model of a contract between a creditor and a debtor where equilibrium depends on the damage rule chosen for breach-of-contract situations, the use of impossibility-of-performance excuses and the level of legal contract enforceability. We find that, under...

Studies of organizational performance have overwhelmingly relied on evidence gathered from private sector firms. Nevertheless, the past several years have witnessed increasing interest in enhancing effectiveness and efficiency in the public sector, in turn generating considerable investment in...

This paper delineates the specialty field of forensic IO as the application of theoretical and empirical industrial organization economics in the legal process of competition law enforcement. Four stages of that process which can benefit from forensic IO techniques are distinguished: detection...

Law enforcement is decentralized. It is so despite documented interjurisdictional externalities which would justify its centralization. To explain this fact, we construct a political economy model of law enforcement. Under decentralization, law enforcement in each region is in accord with the...

Competition policies were established in Panama, for the first time, through the enactment of the Law 29 of 1996 that constitutes their general consumer protection and competition regime. After the enactment of the Law 29 there has been an important regulatory development and issuance of...

Distinguishing private action from government action is the first question of constitutional law. The distinction blurs most when the government and private actors jointly cause harm. Not surprisingly, then, the Supreme Court's cases in this gray area have been inconsistent. For example, state...

Adopting corporate governance practices has been of great concern to the academia, professionals and policy makers. This concern might be, partially, triggered by the contribution of effective corporate governance practices to the economic development and financial stability. Nevertheless, good...