Counterfeiting is a growing problem in national and international trade. We extend the work of Grossman and Shapiro (1988) on consumption externalities in prestige goods markets, and model a general aversion towards large levels of output interacting with a firm-specific aversion towards copies. We show that these externalities play the role of protecting the market share of the producer of ori...

In the traditional model of the law and economics of torts, harm accrues proportional to use. This has the remarkable implication for products-generated torts that product performance concerns (e.g., issues of care and of liability for harm) can be considered independently of market performance concerns (e.g., market structure and competition). Moreover, the classical analysis finds that all li...

Abstract The failure of elites negotiating global public goods – e.g., ending COVID -19 “vaccine apartheid,” forging geopolitical stability, reducing inequality, regulating international financial flows, and avoiding world recession is nowhere more dangerous than the United Nations Framework Convention on Climate Change’s refusal to cut greenhouse gas emissions deeply fairly. “Climate Justice” ...

The Jewish principle concerning a decision with regard to a dangerous treatment is as following: A patient who is estimated to die within 12 months because of a fatal illness is permitted to undergo a treatment that on the one hand may extend his life beyond 12 months, but on the other hand may hasten his death. There are, however, several limitations to this ruling related to the chances of su...