Unlike other public utilities, most water in the United States is supplied by publicly owned and operated waterworks. The predominance of the public sector in the supply of water was not always the case, however; private firms dominated US water [...]
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Labor turnover creates longer term career concerns incentives that motivate employees in addition to the short-term monetary incentives provided by the current employer. We analyze how these incentives interact and derive implications for the design [...] This article studies the design of optimal liquidated damages when breach of contract is possible at multiple points in time. It offers an intuitive explanation for why cancellation fees for some services (e.g., hotel reservations) increase as the [...] A manufacturer learns a product’s risks after it has been sold and distributed to consumers. When held strictly liable for product-related injuries, the manufacturer offers to repurchase the product when the risk exceeds a threshold. Consumers accept [...] The conventional view in the direct democracy literature is that spending against a measure is more effective than spending in favor of a measure, but the empirical results underlying this conclusion have been questioned by recent research. We argue [...] This research revisits the effects of a country’s institutional framework on individual firms’ behavior, focusing, in particular, on firms’ propensity to comply with legal rules. We purport to explain the variation in compliance [...] In legal systems all over the world, injurers are held liable only when the probability of having caused an accident exceeds a critical threshold (causation standard) and when behaving negligently. In a complete information framework, the joint use [...] In this article, we study nationalizations in the oil industry around the world during 1960–2006. We show, both theoretically and empirically, that governments are more likely to nationalize when oil prices are high and when political [...] |
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