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Protection against Unfair Contracts: An Economic Analysis of European Regulation
Springer Science and Business Media LLC - Tập 9 - Trang 75-91 - 2000
After considering the possible outcomes that may result from the interaction between potential contract parties, this paper discusses potential causes of inefficiency and investigates how the law affects conditions that would give rise to inefficiency. The analysis is focussed on the European regulation of standard form contracts. This regulation implies that ‘unfair terms’ in standard form contra......
EU-Russia trading relations: the challenges of a new gas architecture
Springer Science and Business Media LLC - Tập 39 - Trang 313-329 - 2013
Gas security is a key factor in the European Union’s energy policy. Contractual relations based on long-term contracts during the 1970s and 1980s led to relative stability in energy trade between the EU and its gas suppliers. But since the mid-1990s, the process of opening up the EU’s gas industries to competition and the desire to create a single gas market has led to an in-depth reorganization o......
Does One Size Fit All? A Note on the Harmonization of National Warranty Law as a Tool of Consumer Protection
Springer Science and Business Media LLC - Tập 16 - Trang 219-231 - 2003
The European Union's Directive on the Harmonization of national warranty laws directed interest to this particular legal institution. From an economic point of view warranties have different functions. In this note it will be argued that the change in the law of warranties leads to a loss of informational value and to a welfare loss resulting from constricted transaction possibilities, which has n......
Property is only another name for decentralized creation of knowledge
Springer Science and Business Media LLC - Tập 47 - Trang 43-55 - 2018
Eric A. Posner and E. Glen Weyl argue in a recent paper that a private property regime is incompatible with allocative efficiency insofar as it allows owners to ask for monopoly prices to potential buyers. In order to remedy this defect without penalizing investment efficiency, they propose to implement a Harberger tax. In this paper we show that the Harberger tax is a mechanism that penalizes the......
Law and economics and the role of explanation: A comment of Guido Calabresi,The Future of Law and Economics
Springer Science and Business Media LLC - - 2018
A central theme of Guido Calabresi’s The Future of Law and Economics is the way that economic analysis of law tends to reject as irrational whatever aspects of law or life do not fit its approach. Calabresi argues instead for a different approach he labels “law and economics,” which includes a greater willingness to modify economic analysis to allow it better to fit law and life. This Review Essay......
The judicial review of legislation in the United Kingdom: a public choice analysis
Springer Science and Business Media LLC - Tập 37 - Trang 221-247 - 2011
The Human Rights Act 1998 unprecedentedly enabled the senior courts in the United Kingdom to review parliamentary enactments for compatibility with the European Convention on Human Rights. This article seeks to analyze within the framework of public choice economics two phenomena arising from this development that are counterintuitive: What made Parliament voluntarily invite the judiciary to monit......
How consumer information curtails market power in the funeral industry
Springer Science and Business Media LLC - Tập 37 - Trang 421-437 - 2012
Based on the French market, the purpose of this article is to show that contrary to common opinion in France about the impossibility of having a deregulation of the business of funeral services without observing abuses of many locally dominant suppliers, improvement in consumer information, along with the entry of a special storing facility service (“chambre funéraire”), imposes enough competitive......
Fraud, banking crisis, and regulatory enforcement: Evidence from micro-level transactions data
Springer Science and Business Media LLC - Tập 21 - Trang 179-197 - 2006
Can widespread fraud cause large scale banking crises? We address this issue in the context of the recent Turkish banking crisis of 2000, which was followed by a severe recession and currency crisis. Using detailed micro-level transactions data, we show that related lending and back-to-back loans across banks were used to circumvent regulation and transfer deposits to private holding companies tha......
Open access, social norms and publication choice
Springer Science and Business Media LLC - - 2013
The aim of this paper is to shed light on scholarly communication and its current trajectories by examining academics’ perception of Open Access, while also providing a reference case for studying social norm change. In this respect, the issue of publication choice and the role of Open Access journals casts light on the changes affecting the scientific community and its institutional arrangements ......
The link between in- and external rotation of the auditor and the quality of financial accounting and external audit
Springer Science and Business Media LLC - Tập 40 - Trang 225-246 - 2012
The European Commission (EC) regulation draft of 2011 contains the external mandatory auditor rotation (audit firm rotation) as a reform measure to increase auditor independence. The external auditor firm rotation could supplement the internal mandatory rotation (auditor rotation) by the 8th EC directive. This article presents an agency theoretical foundation of rotation. In this context, the main......
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