首页 > 最新文献

Asian Journal of Law and Economics最新文献

英文 中文
Law-and-Economics of Business Judgment Rule in India 印度商业判断规则的法律与经济学
IF 0.7 Q3 LAW Pub Date : 2024-01-09 DOI: 10.1515/ajle-2023-0045
Rahul Singh, Pratyay Amrit
Abstract The article argues that the contours of the ‘business judgment rule’ (hereinafter, ‘the rule’ or ‘the doctrine’) have not been properly delineated and add avoidable transaction costs in terms of business decision-making. On the premise of ‘influence’ existing between Board Directors and countervailing requirements of legal compliance, it becomes imperative to study both components. In the absence of any clear legalese on the latter component incentivizes Directors in two ways – by inhibiting judgment or by incentivizing abuse for a perceived higher probability of economic gain.
摘要 本文认为,"商业判断规则"(以下简称 "规则 "或 "理论")的轮廓尚未得到适当界定,在商业决策方面增加了可避免的交易成本。在董事会董事之间存在 "影响力 "以及法律合规性要求的前提下,对这两个组成部分进行研究势在必行。在没有任何明确法律条文的情况下,后一个部分会以两种方式激励董事--抑制判断力或激励滥用权力以获得更高的经济收益。
{"title":"Law-and-Economics of Business Judgment Rule in India","authors":"Rahul Singh, Pratyay Amrit","doi":"10.1515/ajle-2023-0045","DOIUrl":"https://doi.org/10.1515/ajle-2023-0045","url":null,"abstract":"Abstract The article argues that the contours of the ‘business judgment rule’ (hereinafter, ‘the rule’ or ‘the doctrine’) have not been properly delineated and add avoidable transaction costs in terms of business decision-making. On the premise of ‘influence’ existing between Board Directors and countervailing requirements of legal compliance, it becomes imperative to study both components. In the absence of any clear legalese on the latter component incentivizes Directors in two ways – by inhibiting judgment or by incentivizing abuse for a perceived higher probability of economic gain.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"41 39","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139442315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Catalyst for Common Law Evolution: Experiment with ChatGPT and a Hypothetical Common Law Jurisdiction 普通法演变的催化剂:用 ChatGPT 和一个假想的普通法管辖区进行实验
IF 0.7 Q3 LAW Pub Date : 2024-01-05 DOI: 10.1515/ajle-2023-0114
Kwansai Iu, Ziyue Zhou
Abstract This paper aims to carry out empirical analysis of the viability of large language models (LLMs), specifically ChatGPT, in simulating the common law system and facilitating its evolutionary processes. Drawing on the Theory of Rules Evolution, it is understood that common law generates efficient rules by natural selection through constant litigation. Nonetheless, this evolutionary mechanism faces several hindrances. The process of change is typically slow and incremental. Courts often have to wait for a case that’s deemed ‘appropriate’ before they can change the law, leading to extended delays. Additionally, courts frequently struggle to make efficient decisions due to limited information. Other factors that decelerate the creation of efficient rules include judicial bias, unequal distribution of resources among litigating parties, and the diminishing presence of a competitive legal order. This study first assesses ChatGPT’s capability to embrace the essence of the common law system, namely the doctrine of stare decisis. We then assess its potential to overcome the hindrances in common law development and promote efficient rules. Through a series of meticulously designed hypothetical cases set in a virtual jurisdiction called the “Matrix Kingdom,” we observed that ChatGPT mimic the functions of a common law court by citing, following, and distinguishing its own precedents, but it accomplishes this with significantly fewer resources and in less time. This implies that humans can introduce hypothetical legal situations, enabling LLMs to replicate the natural selection process observed in the common law system but with a significantly accelerated pace. Given that LLMs are trained with diverse information sources, not just the factual contexts of cases, they could potentially lower the informational constraints in decision-making. As such, LLMs might significantly contribute to the evolutionary processes of common law development. However, it is important to remain cautious of certain limitations, such as the potential for AI Hallucination and inherent biases in LLMs, which require careful consideration and management.
摘要 本文旨在对大型语言模型(LLM),特别是 ChatGPT,在模拟普通法体系和促进其进化过程中的可行性进行实证分析。借鉴规则进化理论(Theory of Rules Evolution),我们可以理解,普通法是通过不断诉讼的自然选择产生有效规则的。然而,这种进化机制面临着一些障碍。变革过程通常是缓慢而渐进的。法院往往需要等待一个被认为 "适当 "的案件,然后才能修改法律,从而导致长时间的拖延。此外,由于信息有限,法院经常难以做出高效的决定。其他阻碍制定高效规则的因素还包括司法偏见、诉讼各方之间资源分配不均以及竞争性法律秩序日渐式微。本研究首先评估了 ChatGPT 接受普通法体系精髓的能力,即 "凝视决定 "原则。然后,我们对其克服普通法发展障碍、促进高效规则的潜力进行了评估。通过在一个名为 "矩阵王国"(Matrix Kingdom)的虚拟司法管辖区中精心设计的一系列假定案例,我们观察到 ChatGPT 通过引用、遵循和区分自己的先例来模仿普通法法院的功能,但它在实现这一功能时所耗费的资源和时间要少得多。这意味着人类可以引入假设的法律情境,使法律硕士能够复制在普通法体系中观察到的自然选择过程,但速度明显加快。鉴于法律硕士接受的培训涉及多种信息来源,而不仅仅是案件的事实背景,因此他们有可能降低决策过程中的信息限制。因此,法学硕士可能会极大地促进普通法发展的演变过程。然而,必须对某些局限性保持谨慎,例如人工智能幻觉的可能性和法律硕士固有的偏见,这些都需要仔细考虑和管理。
{"title":"Catalyst for Common Law Evolution: Experiment with ChatGPT and a Hypothetical Common Law Jurisdiction","authors":"Kwansai Iu, Ziyue Zhou","doi":"10.1515/ajle-2023-0114","DOIUrl":"https://doi.org/10.1515/ajle-2023-0114","url":null,"abstract":"Abstract This paper aims to carry out empirical analysis of the viability of large language models (LLMs), specifically ChatGPT, in simulating the common law system and facilitating its evolutionary processes. Drawing on the Theory of Rules Evolution, it is understood that common law generates efficient rules by natural selection through constant litigation. Nonetheless, this evolutionary mechanism faces several hindrances. The process of change is typically slow and incremental. Courts often have to wait for a case that’s deemed ‘appropriate’ before they can change the law, leading to extended delays. Additionally, courts frequently struggle to make efficient decisions due to limited information. Other factors that decelerate the creation of efficient rules include judicial bias, unequal distribution of resources among litigating parties, and the diminishing presence of a competitive legal order. This study first assesses ChatGPT’s capability to embrace the essence of the common law system, namely the doctrine of stare decisis. We then assess its potential to overcome the hindrances in common law development and promote efficient rules. Through a series of meticulously designed hypothetical cases set in a virtual jurisdiction called the “Matrix Kingdom,” we observed that ChatGPT mimic the functions of a common law court by citing, following, and distinguishing its own precedents, but it accomplishes this with significantly fewer resources and in less time. This implies that humans can introduce hypothetical legal situations, enabling LLMs to replicate the natural selection process observed in the common law system but with a significantly accelerated pace. Given that LLMs are trained with diverse information sources, not just the factual contexts of cases, they could potentially lower the informational constraints in decision-making. As such, LLMs might significantly contribute to the evolutionary processes of common law development. However, it is important to remain cautious of certain limitations, such as the potential for AI Hallucination and inherent biases in LLMs, which require careful consideration and management.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"46 51","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139382247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Second, But Not Last: Competition with Positive Spillovers 第二,但不是最后:具有积极溢出效应的竞争
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0178
Alice Guerra, Francesco Parisi
Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.
摘要 本文对传统的寻租模型进行了扩展,考虑了竞争者的努力所产生的外部非生产性效应(即再分配效应)但内部生产性效应(即对其他竞争者的正溢出效应)。我们的研究结果表明,当参赛者依次行动时,对其他参赛者产生的正溢出效应可能会削弱甚至逆转先行者的优势。后发优势很有可能出现。值得注意的是,在有多个参与者的竞争中,后发者优势并不会演变成后发者优势。竞争者希望成为第二,但不希望成为最后。比较静态分析表明了正溢出效应的强度如何影响竞争者的均衡支出和报酬以及总租金耗散。
{"title":"Second, But Not Last: Competition with Positive Spillovers","authors":"Alice Guerra, Francesco Parisi","doi":"10.1515/ajle-2023-0178","DOIUrl":"https://doi.org/10.1515/ajle-2023-0178","url":null,"abstract":"Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"46 11","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139113138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis 估算国际可卡因市场:超额补偿与随机前沿分析的新组合
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0129
Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le
Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.
摘要 尽管估算非法毒品市场价值的方法多种多样,但主要问题仍然是无法估算毒品在国家和国际层面市场的未实现价值或浮动价值。本研究采用一种新颖的估算方法,将超额补偿估算(来自金融领域)和随机前沿分析(来自运筹学领域)结合起来,估算 2019 年国际可卡因市场的价值。我们的估算结果表明,2019 年,未被查封的市场占可卡因总市场的 32.16%,小于 2007 年的 48%,表明各国打击非法可卡因市场的效果有所改善。更重要的是,我们表明,在应对洗钱风险方面的改进也有助于减少可卡因非法市场,因为非法可卡因/毒品收益在被犯罪组织使用之前必须经过洗钱。
{"title":"Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis","authors":"Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le","doi":"10.1515/ajle-2023-0129","DOIUrl":"https://doi.org/10.1515/ajle-2023-0129","url":null,"abstract":"Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"45 4","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139113146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis 估算国际可卡因市场:超额补偿与随机前沿分析的新组合
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0129
Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le
Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.
摘要 尽管估算非法毒品市场价值的方法多种多样,但主要问题仍然是无法估算毒品在国家和国际层面市场的未实现价值或浮动价值。本研究采用一种新颖的估算方法,将超额补偿估算(来自金融领域)和随机前沿分析(来自运筹学领域)结合起来,估算 2019 年国际可卡因市场的价值。我们的估算结果表明,2019 年,未被查封的市场占可卡因总市场的 32.16%,小于 2007 年的 48%,表明各国打击非法可卡因市场的效果有所改善。更重要的是,我们表明,在应对洗钱风险方面的改进也有助于减少可卡因非法市场,因为非法可卡因/毒品收益在被犯罪组织使用之前必须经过洗钱。
{"title":"Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis","authors":"Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le","doi":"10.1515/ajle-2023-0129","DOIUrl":"https://doi.org/10.1515/ajle-2023-0129","url":null,"abstract":"Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"45 4","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139113317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Second, But Not Last: Competition with Positive Spillovers 第二,但不是最后:具有积极溢出效应的竞争
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0178
Alice Guerra, Francesco Parisi
Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.
摘要 本文对传统的寻租模型进行了扩展,考虑了竞争者的努力所产生的外部非生产性效应(即再分配效应)但内部生产性效应(即对其他竞争者的正溢出效应)。我们的研究结果表明,当参赛者依次行动时,对其他参赛者产生的正溢出效应可能会削弱甚至逆转先行者的优势。后发优势很有可能出现。值得注意的是,在有多个参与者的竞争中,后发者优势并不会演变成后发者优势。竞争者希望成为第二,但不希望成为最后。比较静态分析表明了正溢出效应的强度如何影响竞争者的均衡支出和报酬以及总租金耗散。
{"title":"Second, But Not Last: Competition with Positive Spillovers","authors":"Alice Guerra, Francesco Parisi","doi":"10.1515/ajle-2023-0178","DOIUrl":"https://doi.org/10.1515/ajle-2023-0178","url":null,"abstract":"Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"46 11","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139113458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Second, But Not Last: Competition with Positive Spillovers 第二,但不是最后:具有积极溢出效应的竞争
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0178
Alice Guerra, Francesco Parisi
Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.
摘要 本文对传统的寻租模型进行了扩展,考虑了竞争者的努力所产生的外部非生产性效应(即再分配效应)但内部生产性效应(即对其他竞争者的正溢出效应)。我们的研究结果表明,当参赛者依次行动时,对其他参赛者产生的正溢出效应可能会削弱甚至逆转先行者的优势。后发优势很有可能出现。值得注意的是,在有多个参与者的竞争中,后发者优势并不会演变成后发者优势。竞争者希望成为第二,但不希望成为最后。比较静态分析表明了正溢出效应的强度如何影响竞争者的均衡支出和报酬以及总租金耗散。
{"title":"Second, But Not Last: Competition with Positive Spillovers","authors":"Alice Guerra, Francesco Parisi","doi":"10.1515/ajle-2023-0178","DOIUrl":"https://doi.org/10.1515/ajle-2023-0178","url":null,"abstract":"Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"46 11","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139113579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis 估算国际可卡因市场:超额补偿与随机前沿分析的新组合
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0129
Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le
Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.
摘要 尽管估算非法毒品市场价值的方法多种多样,但主要问题仍然是无法估算毒品在国家和国际层面市场的未实现价值或浮动价值。本研究采用一种新颖的估算方法,将超额补偿估算(来自金融领域)和随机前沿分析(来自运筹学领域)结合起来,估算 2019 年国际可卡因市场的价值。我们的估算结果表明,2019 年,未被查封的市场占可卡因总市场的 32.16%,小于 2007 年的 48%,表明各国打击非法可卡因市场的效果有所改善。更重要的是,我们表明,在应对洗钱风险方面的改进也有助于减少可卡因非法市场,因为非法可卡因/毒品收益在被犯罪组织使用之前必须经过洗钱。
{"title":"Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis","authors":"Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le","doi":"10.1515/ajle-2023-0129","DOIUrl":"https://doi.org/10.1515/ajle-2023-0129","url":null,"abstract":"Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"45 4","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139113587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis 估算国际可卡因市场:超额补偿与随机前沿分析的新组合
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0129
Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le
Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.
摘要 尽管估算非法毒品市场价值的方法多种多样,但主要问题仍然是无法估算毒品在国家和国际层面市场的未实现价值或浮动价值。本研究采用一种新颖的估算方法,将超额补偿估算(来自金融领域)和随机前沿分析(来自运筹学领域)结合起来,估算 2019 年国际可卡因市场的价值。我们的估算结果表明,2019 年,未被查封的市场占可卡因总市场的 32.16%,小于 2007 年的 48%,表明各国打击非法可卡因市场的效果有所改善。更重要的是,我们表明,在应对洗钱风险方面的改进也有助于减少可卡因非法市场,因为非法可卡因/毒品收益在被犯罪组织使用之前必须经过洗钱。
{"title":"Estimating the International Cocaine Market: A Novel Combination of Excess Compensation and Stochastic Frontier Analysis","authors":"Ba Tam Le, Xuan Thi Thanh Mai, T. Ngo, Tu D. Q. Le","doi":"10.1515/ajle-2023-0129","DOIUrl":"https://doi.org/10.1515/ajle-2023-0129","url":null,"abstract":"Abstract Although there are different ways to estimate the value of the illicit drug markets, the main issue remains that one cannot estimate the unseized or floating value of drugs at the country- and international-level markets. This study applies a novel estimation method that combines excess compensation estimation (from the financial field) and stochastic frontier analysis (from the operations research field) to estimate the value of the international cocaine market in 2019. Our estimations show that in 2019, the unseized market accounted for 32.16 % of the total market of cocaine and was smaller than the ratio of 48 % in 2007, indicating that the effectiveness of countries in disrupting the illicit cocaine market has improved. More importantly, we show that improvement in dealing with money laundering risks could also help reduce the illicit market of cocaine since illicit cocaine/drug proceeds must be laundered before they can be used by criminal organisations.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"45 4","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139114248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Second, But Not Last: Competition with Positive Spillovers 第二,但不是最后:具有积极溢出效应的竞争
IF 0.7 Q3 LAW Pub Date : 2024-01-03 DOI: 10.1515/ajle-2023-0178
Alice Guerra, Francesco Parisi
Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.
摘要 本文对传统的寻租模型进行了扩展,考虑了竞争者的努力所产生的外部非生产性效应(即再分配效应)但内部生产性效应(即对其他竞争者的正溢出效应)。我们的研究结果表明,当参赛者依次行动时,对其他参赛者产生的正溢出效应可能会削弱甚至逆转先行者的优势。后发优势很有可能出现。值得注意的是,在有多个参与者的竞争中,后发者优势并不会演变成后发者优势。竞争者希望成为第二,但不希望成为最后。比较静态分析表明了正溢出效应的强度如何影响竞争者的均衡支出和报酬以及总租金耗散。
{"title":"Second, But Not Last: Competition with Positive Spillovers","authors":"Alice Guerra, Francesco Parisi","doi":"10.1515/ajle-2023-0178","DOIUrl":"https://doi.org/10.1515/ajle-2023-0178","url":null,"abstract":"Abstract This paper extends the traditional rent-seeking model to consider contests in which the effects of the contestants’ efforts are externally unproductive (i.e., redistributive) but internally productive (i.e., with positive spillover effects on other contestants). Our results show that when players act sequentially, the presence of positive spillovers on other contestants may reduce, or even reverse, the first-mover’s advantage. A second-mover advantage is very likely to arise. Notably, in contests with multiple players, the second-mover advantage does not unravel into a last-mover advantage. Players want to be second, but not last. The comparative statics analysis shows how the strength of positive spillovers affects contestants’ equilibrium expenditures and payoffs, and aggregate rent dissipation.","PeriodicalId":41431,"journal":{"name":"Asian Journal of Law and Economics","volume":"46 11","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139114711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
期刊
Asian Journal of Law and Economics
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1