منابع مشابه
Revisiting the Legal Restrictions Hypothesis∗
This paper re-examines the so-called coexistence puzzle in terms of a modified version of the legal restrictions hypothesis initially put forth by Bryant and Wallace (1980). The modification is in terms of dropping a questionable assumption in the original hypothesis; i.e., that large denomination government bonds cannot be intermediated by private banks. This restriction is replaced by one tha...
متن کاملLegal Restrictions and Optimal Contracts∗
Real-world transactions are often limited: Not all contracts are legal. As a result, I show economic examples where the only way to achieve first-best is as follows. First, the parties contractually commit to a different and ineffi cient different outcome. Then, they secretly violate the contract and coordinate play on first-best. If the parties were to contractually commit to first best, they ...
متن کاملAuctioning Oo Labor Contracts: Legal Restrictions Reconsidered
The paper considers two di erent mechanisms of allocating jobs to workers under moral hazard and adverse selection. First, the optimal selection mechanism is derived. It is examined whether second degree wage discrimination (e.g. through progressive piece rates) increases the total surplus which may outweigh arguments of equal pay (piece rates should not di er between workers just because their...
متن کاملA model of optimal legal restrictions and open market operations
This paper considers an asset model that generates a monetary equilibrium in which capital, government bonds, and fiat money are held as perfect substitutes. Due to a congestion effect, output per producer is a decreasing function of the aggregate capital stock, and this effect makes a legal restriction on capital accumulation welfare enhancing. The restriction considered is that the money to c...
متن کاملState Legal Restrictions and Prescription-Opioid Use among Disabled Adults.
BACKGROUND In response to rising rates of opioid abuse and overdose, U.S. states enacted laws to restrict the prescribing and dispensing of controlled substances. The effect of these laws on opioid use is unclear. METHODS We tested associations between prescription-opioid receipt and state controlled-substances laws. Using Medicare administrative data for fee-for-service disabled beneficiarie...
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ژورنال
عنوان ژورنال: Nature
سال: 1996
ISSN: 0028-0836,1476-4687
DOI: 10.1038/381636a0