A significant source of risk arises from uncertainty concerning future government policy. Government action - tax reform, deregulation, judicial decisions, budgetary shifts - produces gains and losses for those who invested ...

This Article offers an economic analysis of the extent to which legal commands should be promulgated as rules or standards. Two dimensions of the problem are emphasized. First, the choice between rules and standards affects ...

The federal income tax allows deductions for some categories of personal losses, notably for casualty losses (such as destruction of one's home or car) and medical expenses above a threshold. The latter, even with lower ...

This article Presents a principal-agent model in which asymmetric information leads to contractual incompleteness. I show that in the presence of transactions costs, incompleteness may act as a signal of the principal's ...

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