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Legal Problems and Solutions in Stablecoins: A Multi-Disciplinary Approach Applied to Euro Stablecoins 稳定币的法律问题和解决方案:适用于欧元稳定币的多学科方法
IF 0.3 Q3 Social Sciences Pub Date : 2023-03-01 DOI: 10.1515/rle-2022-0053
B. Sheehy, John Hawkins, Juan Diaz-Granados
Abstract An increasingly important form of electronic currency is the ‘stablecoin’. Unlike other high-profile ‘cryptocurrencies’, such as Bitcoin, stablecoins claim to be matched by a corresponding amount of secure assets in a national currency to which the stablecoin can be converted at par. These crypto-assets, however, create significant legal and economic problems. Notably, issues about trust in both issuers and backing assets, the risk of runs, and particular challenges associated with public and private law regimes resist the adoption of stablecoin both in Europe and beyond. This article draws from previous experiences to analyse these issues and propose solutions. Taking a multi-disciplinary approach, the article argues that the legal and economic issues surrounding today’s stablecoins could be addressed using the lessons from prior centuries.
一种越来越重要的电子货币形式是“稳定币”。与其他备受瞩目的“加密货币”(如比特币)不同,稳定币声称与相应数量的国家货币安全资产相匹配,稳定币可以按面值兑换。然而,这些加密资产产生了重大的法律和经济问题。值得注意的是,对发行人和支持资产的信任、挤兑风险以及与公法和私法制度相关的特殊挑战等问题,都阻碍了稳定币在欧洲和其他地区的采用。本文借鉴以往的经验,对这些问题进行分析并提出解决方案。本文采用多学科的方法,认为围绕当今稳定币的法律和经济问题可以利用前几个世纪的经验教训来解决。
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引用次数: 0
People Want Optimal Deterrence – Just a Little Bit 人们想要最优的威慑——只是一点点
IF 0.3 Q3 Social Sciences Pub Date : 2023-03-01 DOI: 10.1515/rle-2022-0050
Michał Kłusek
Abstract Psychological studies of punitive intuitions demonstrate that the economic theory of optimal deterrence is fundamentally counterintuitive. We punish in response to the moral blameworthiness of the crime with little regard for the consequences. But it is less clear whether optimal deterrence is acceptable. When the law is not accepted by the community it governs, its crime control efficiency suffers. If optimal deterrence is wholly unacceptable, then it is counterproductive as a guide to penal policy. I administered an online survey to university students to examine the acceptability of different applications of optimal deterrence theory. The participants rejected nearly all of the applications, with the sole exception of an increase in punishment severity on the general policy level. They were also more willing to accept smaller, rather than bigger, changes of punishment severity; and increases, rather than decreases of punishment. The results suggest penal policy may be slightly adjusted in the direction suggested by economic analysis of criminal law without a major loss to the law’s moral credibility – especially if the adjustment involves an increase in punishment magnitude.
惩罚性直觉的心理学研究表明,最优威慑的经济学理论从根本上是反直觉的。我们惩罚是为了回应犯罪在道德上应该受到谴责,而很少考虑后果。但最优威慑是否可以接受尚不清楚。当法律不被它所管辖的社会所接受时,它的犯罪控制效率就会受到影响。如果最优威慑是完全不可接受的,那么它作为刑法政策的指导是适得其反的。我对大学生进行了一项在线调查,以检验最优威慑理论不同应用的可接受性。参与者拒绝了几乎所有的申请,唯一的例外是在一般政策层面增加惩罚的严重性。他们也更愿意接受较小而不是较大的惩罚力度变化;惩罚增加而不是减少。结果表明,刑事政策可能会朝着刑法经济分析建议的方向进行轻微调整,而不会对法律的道德信誉造成重大损失——特别是如果这种调整涉及到惩罚力度的增加。
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引用次数: 0
Laudatio: Ariel Porat
IF 0.3 Q3 Social Sciences Pub Date : 2023-02-23 DOI: 10.1515/rle-2022-0075
Francesco Parisi
Abstract The European Association of Law and Economics (EALE) grants a biennial Lifetime Achievement Award and Honorary Membership to a scholar “for his or her significant contributions to the field of Law and Economics, in particular to the development of this scientific movement in Europe.” Ariel Porat was the recipient of the EALE award in 2020. As per tradition, the recipient of the award is asked to deliver the EALE Award Lecture the year after the announcement of the prize—an event that, due to the pandemic, was postponed until the 2022 EALE Annual Meeting, which was held in Lisbon (Portugal), on September 15, 2022. The award lecture will be published in the Review of Law & Economics, following these remarks on Ariel Porat’s significant contributions to the field of law and economics.
欧洲法律与经济学协会(EALE)每两年颁发一次终身成就奖和荣誉会员,以表彰“对法律与经济学领域,特别是对欧洲这一科学运动的发展做出重大贡献”的学者。阿里尔·波拉特是2020年EALE奖的获得者。按照传统,获奖者被要求在宣布奖项的第二年发表EALE奖演讲——由于疫情,这一活动被推迟到2022年9月15日在里斯本(葡萄牙)举行的2022年EALE年会。颁奖演讲将发表在《法律与经济学评论》上,在此之前,阿里尔·波拉特对法律和经济学领域做出了重大贡献。
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引用次数: 0
My Study of Law and Economics. An Educational Journey with Knowledgeable Tour Guides 我的法律和经济学研究。有知识渊博的导游陪同的教育之旅
IF 0.3 Q3 Social Sciences Pub Date : 2023-02-23 DOI: 10.1515/rle-2022-0074
H. Schäfer
Abstract After studies of economics and business administration in Cologne my academic career as an economist started 1968 as a doctoral student and later as a post doc in the Institute of Development Research and Development Policy of the University of Bochum in Germany. The economic theories, with which I worked at the time had no relation to legal or social norms. This changed, after I became a professor of economics in the newly established second law department of the University of Hamburg. It was a model trial of a reformed legal education. My lawyer colleagues propagated a more policy oriented and teleological understanding of the law, legal scholarship, and teaching and demanded the integration of social sciences into the study of the law. I began studying and teaching the classical writings of the American law and economics pioneers and related them to German private law. Gradually I shifted the focus of my academic interest and publications from development studies to the economic study of civil law and became increasingly convinced that “law and economics” corrects a scientific fallacy, which emerged when the two disciplines fell apart. Later I joined -together with my lawyer colleague Claus Ott-the European master program in law and economics, established a doctoral program in law and economics and the Hamburg institute of law and economics. After the merger of the two competing law departments the united faculty took supportive and far reaching decisions to consolidate the institute and make it a center for the study of law and economics. The following pages show in more detail the factors and reasons, which made me a convinced supporter and scholar of the economic approach to law and of institutional economics.
在科隆学习了经济学和工商管理之后,我作为经济学家的学术生涯始于1968年,当时我是一名博士生,后来在德国波鸿大学发展研究与发展政策研究所做博士后。我当时研究的经济理论与法律或社会规范毫无关系。在我成为汉堡大学新成立的第二法律系的经济学教授后,情况发生了变化。这是一场法律教育改革的示范审判。我的律师同事们提倡以政策为导向和目的论的理解法律、法律学术和教学,并要求将社会科学纳入法律研究。我开始研究和教授美国法律和经济学先驱的经典著作,并将它们与德国私法联系起来。逐渐地,我将自己的学术兴趣和出版物的重点从发展研究转移到民法的经济研究,并越来越相信“法与经济学”纠正了两个学科分离时出现的科学谬误。后来,我和我的律师同事克劳斯·奥特一起参加了欧洲法律和经济学硕士项目,建立了法律和经济学博士项目和汉堡法律和经济研究所。在两个相互竞争的法律系合并后,联合的教员采取了支持和深远的决定来巩固研究所,使其成为法律和经济学研究的中心。下面的章节更详细地展示了这些因素和原因,这些因素和原因使我成为法律经济学方法和制度经济学的坚定支持者和学者。
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引用次数: 0
The Dark Side of Insurance 保险的阴暗面
IF 0.3 Q3 Social Sciences Pub Date : 2023-02-23 DOI: 10.2139/ssrn.4203765
R. Avraham, A. Porat
Abstract When insurance works properly it provides insureds with optimal incentives to prevent losses, alongside coverage for losses that could not be prevented efficiently. But insurance has an overlooked dark side to it as well. Insurers employ various tactics to shift losses to their insureds or to their victims in order to minimize their own costs instead of reducing their insureds’ losses. Worse, insurers might also act to increase or maintain long term risks, ensuring the future of the insurance business that can’t exist without risks. We focus on the incentives of insurers to engage in anti-competitive practices and trigger harmful behaviors of their insureds or third parties, in order to increase demand for insurance coverage. Policymakers should be aware and critical of insurers’ perverse incentives that counteract the interests of the insureds and society.
当保险正常运作时,它为被保险人提供了防止损失的最佳激励,以及对无法有效预防的损失的覆盖。但保险也有被忽视的阴暗面。保险公司采用各种策略将损失转移到被保险人或受害者身上,以尽量减少自己的成本,而不是减少被保险人的损失。更糟糕的是,保险公司还可能采取行动增加或维持长期风险,以确保没有风险的保险业务的未来。我们重点关注保险公司从事反竞争行为的动机,并引发其被保险人或第三方的有害行为,以增加对保险范围的需求。政策制定者应该意识到并批评保险公司违背被保险人和社会利益的不当激励措施。
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引用次数: 1
The Dark Side of Insurance 保险的阴暗面
Q3 Social Sciences Pub Date : 2023-02-23 DOI: 10.1515/rle-2022-0054
Ronen Avraham, Ariel Porat
Abstract When insurance works properly it provides insureds with optimal incentives to prevent losses, alongside coverage for losses that could not be prevented efficiently. But insurance has an overlooked dark side to it as well. Insurers employ various tactics to shift losses to their insureds or to their victims in order to minimize their own costs instead of reducing their insureds’ losses. Worse, insurers might also act to increase or maintain long term risks, ensuring the future of the insurance business that can’t exist without risks. We focus on the incentives of insurers to engage in anti-competitive practices and trigger harmful behaviors of their insureds or third parties, in order to increase demand for insurance coverage. Policymakers should be aware and critical of insurers’ perverse incentives that counteract the interests of the insureds and society.
当保险正常运作时,它为被保险人提供了防止损失的最佳激励,以及对无法有效预防的损失的覆盖。但保险也有被忽视的阴暗面。保险公司采用各种策略将损失转移到被保险人或受害者身上,以尽量减少自己的成本,而不是减少被保险人的损失。更糟糕的是,保险公司还可能采取行动增加或维持长期风险,以确保没有风险的保险业务的未来。我们重点关注保险公司从事反竞争行为的动机,并引发其被保险人或第三方的有害行为,以增加对保险范围的需求。政策制定者应该意识到并批评保险公司违背被保险人和社会利益的不当激励措施。
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引用次数: 0
Increase in Mortality Rates of African-American Women Following Mandatory Arrest Laws: A Study in Unintended Effects 强制性逮捕法后非裔美国妇女死亡率的增加:一项意外影响的研究
IF 0.3 Q3 Social Sciences Pub Date : 2023-01-24 DOI: 10.1515/rle-2021-0033
Sinan Ozel
Abstract From the late 1970s into the 1990s, 20 states in the USA passed’ mandatory arrest laws’, designed to curb domestic violence, by requiring the responding officer to arrest the offender. I show that these laws led to an increase in the mortality rates of African-American women. The increase takes place approximately four years after the law was passed and loses its statistical significance as time passes. I infer from these results that mandatory arrest laws had unintended consequences for the victims whose partners were arrested, but that these unintended consequences impacted the victims only in the few years following the law. I conclude that increased awareness of the law and offender deterrence eventually mitigates these unintended consequences. I propose a potential explanation for the increase in mortality rates, and make a policy recommendation that offenders and victims be informed about the law change if such a change is to be made.
从20世纪70年代末到90年代,美国有20个州通过了旨在遏制家庭暴力的“强制逮捕法”,要求执法人员逮捕罪犯。我指出这些法律导致了非裔美国妇女死亡率的上升。这一增长发生在该法律通过大约四年后,随着时间的推移,其统计意义逐渐消失。我从这些结果中推断,强制性逮捕法对伴侣被捕的受害者产生了意想不到的后果,但这些意想不到的后果只在法律实施后的几年里对受害者产生了影响。我的结论是,提高法律意识和对罪犯的威慑最终会减轻这些意想不到的后果。我对死亡率上升提出了一种可能的解释,并提出了一项政策建议,即如果要进行法律变更,应将法律变更告知罪犯和受害者。
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引用次数: 0
Evaluating the Efficiency and Productivity of Colombian Criminal Justice 评价哥伦比亚刑事司法的效率和生产力
IF 0.3 Q3 Social Sciences Pub Date : 2022-11-01 DOI: 10.1515/rle-2021-0082
Nicolás Enrique Valencia Santiago, Camilo Almanza Ramírez
Abstract In this paper, Data Envelopment Analysis (DEA) is used to calculate the technical efficiency and the Malmquist Total Factor Productivity Index (MPI) of the municipal (JM) and circuit courts (JC) of the ordinary jurisdiction of the Colombian criminal justice system, from 2012 to 2016. The results show an average technical inefficiency of 16, 9% for de JCs, and 17.3% for JMs. Additionally, we find a total factor productivity (TFP) decline for these courts of 24 and 44%, respectively. Although both components of the MPI registered average values lower than one, the decrease in TFP is mainly driven by the decline in the technical change component.
摘要本文采用数据包络分析(DEA)对2012年至2016年哥伦比亚刑事司法系统普通管辖的市级法院(JM)和巡回法院(JC)的技术效率和Malmquist全要素生产率指数(MPI)进行了计算。结果显示,de JCs的平均技术效率为16.9%,而JMs的平均技术效率为17.3%。此外,我们发现这些法院的全要素生产率(TFP)分别下降了24%和44%。虽然MPI的两个组成部分的平均值都低于1,但TFP的下降主要是由技术变化组成部分的下降所驱动的。
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引用次数: 1
When Should Governments Invest More in Nudging? Revisiting Benartzi et al. (2017) 政府何时应该加大对推动的投资?重新审视Benartzi等人(2017)
IF 0.3 Q3 Social Sciences Pub Date : 2022-11-01 DOI: 10.2139/ssrn.4189136
Avishalom Tor, Jonathan Klick
Abstract Highly influential recent work by Benartzi et al. (2017) argues—using comparisons of effectiveness and costs—that behavioral interventions (or nudges) offer more cost-effective means than traditional regulatory instruments for changing individual behavior to achieve desirable policy goals. Based on this finding, these authors further conclude that governments and other organizations should increase their investments in nudging to supplement traditional interventions. Yet a closer look at Benartzi et al.’s (2017) own data and analysis reveals that they variously exclude and include key cost elements to the benefit of behavioral instruments over traditional ones and overstate the utility of cost-effectiveness analysis for policy selection. Once these methodological shortcomings are corrected, a reassessment of key policies evaluated by the authors reveals that nudges do not consistently outperform traditional interventions, neither under cost-effectiveness analysis nor under the methodologically required cost-benefit analysis. These illustrative findings demonstrate that governments concerned with social welfare cannot simply assume the superiority of behavioral instruments and should strive instead to conduct cost-benefit analyses of competing interventions, including nudges, to identify the most efficient of the available instruments.
Benartzi等人(2017)最近的一项极具影响力的研究认为,通过对有效性和成本的比较,行为干预(或轻推)提供了比传统监管工具更具成本效益的手段,可以改变个人行为以实现理想的政策目标。基于这一发现,这些作者进一步得出结论,政府和其他组织应该增加对轻推的投资,以补充传统的干预措施。然而,仔细研究Benartzi等人(2017)自己的数据和分析就会发现,他们在不同程度上排除和包括了关键成本因素,从而使行为工具优于传统工具,并夸大了成本效益分析对政策选择的效用。一旦这些方法上的缺陷得到纠正,对作者评估的关键政策的重新评估表明,无论是在成本效益分析中,还是在方法上要求的成本效益分析中,轻推并不总是优于传统干预措施。这些说明性的发现表明,关心社会福利的政府不能简单地假设行为手段的优越性,而应该努力对竞争性干预措施(包括轻推)进行成本效益分析,以确定现有手段中最有效的手段。
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引用次数: 2
The Effect of Ownership Structure on the Value of a Private Company 股权结构对民营公司价值的影响
IF 0.3 Q3 Social Sciences Pub Date : 2022-11-01 DOI: 10.1515/rle-2022-0030
Johan Van den Cruijce, Gamble Baffert II, Nicolas Janssens de Bisthoven, J. Tistaert
Abstract The value of an unlisted company is a contentious issue. This is because investors value marketability and liquidity, but vacillate on the appropriate percentage discount that needs to be applied for the valuation of a private company. As more companies find it easier to remain private, a better understanding of this discount is increasingly important. The extant discount studies are mainly derived from financial and transactional data. They provide reliable averages using large sample sizes, but present few determinants to explain the wide ranges in the observations. Our research is based on a unique, alternative data source that complements existing studies by tapping into rich contextual information. Specifically, we examine court decisions that determine the appropriate discount and relate this percentage to an important characteristic of a private company: its “open” character, i.e. its willingness to accept outside shareholders or partners in the venture. We find that open and closed companies differ in value 6.5%. Our conclusions hold after controlling for known determinants of the discount. Our results impact valuation approaches and present real-world application for the owners and managers of private companies who may consider opening ownership to third parties.
摘要非上市公司的价值是一个有争议的问题。这是因为投资者看重的是可市场性和流动性,但对于私营公司估值所需的适当折价比例却摇摆不定。随着越来越多的公司发现保持私有化更容易,更好地理解这种折扣变得越来越重要。现有的贴现研究主要来源于财务和交易数据。它们使用大样本量提供了可靠的平均值,但几乎没有决定因素来解释观察结果的大范围。我们的研究基于一个独特的、可替代的数据源,通过挖掘丰富的上下文信息来补充现有的研究。具体地说,我们审查法院决定适当的折扣,并将这个百分比与私营公司的一个重要特征联系起来:它的“开放”特征,即它愿意接受外部股东或合资伙伴。我们发现开放公司和封闭公司的价值相差6.5%。在控制了已知的折扣决定因素后,我们的结论成立。我们的研究结果影响了估值方法,并为可能考虑向第三方开放所有权的私营公司的所有者和经理提供了现实世界的应用。
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引用次数: 0
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Review of Law & Economics
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