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Nearsighted Justice
Chapter 11 structures complex negotiations between creditors and debtors that are overseen by a bankruptcy court. This paper identifies conditions under which it is optimal for the court to sometimes err in determining whether a firm should be liquidated. Such errors can affect the optimal action choices by both good and bad entrepreneurs. The authors first characterize the optimal error rate without renegotiation, providing conditions under which it is optimal for the court both to sometimes mistakenly liquidate good firms, but not bad firms. When creditors and debtors can renegotiate to circumvent an error-riven court and creditors have all of the bargaining power, the authors show that for a broad class of action choices, a blind court - one that ignores all information and hence is equally likely to liquidate a good firm as a bad one - is optimal. For another class of action choices, the optimal court design places the burden of proof on the entrepreneur. The robust feature is that in the optimal court design, the court sometimes errs in determining whether a firm should be liquidated.
Transparency, Democracy, and Autocracy
Increasing economic transparency benefits democracy: it helps elections work. Yet under autocracy, transparency contributes to political instability.
The Race to the Base
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Formal Theories of Politics
Formal Theories of Politics demonstrates the role of formal mathematical models in political science, and aims to convey a sense of the questions and methods which govern the political science research agenda. While there is still much interest in empirical patterns of voting behaviour and public opinion data, there has been substantial growth in emphasis on mathematical theory as a technique for the derivation of testable hypotheses. Topics discussed include: optimal candidate strategies and equilibria in competitive elections; voting agendas and parliamentary procedure in the multidimensional events; revolution, repression and inequality as outputs of dynamics systems. The mathematical techniques are widely varied, including game theory, functional analysis, differential equations, expert systems, stochastic processes and statistical models.
Blind Faith
Winslow presents a new strategy for dealing with the inherent dangers of stock market investing while protecting the underlying principal against loss.
Financial Deepening, Inequality, and Growth
We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With analytical and numerical methods, we calibrate and make tractable a prototype canonical model and take it to an application, namely, Thailand 1976-1996, an emerging economy in a phase of economic expansion with uneven financial deepening and increasing inequality. We broadly replicate the actual data, test the model formally, and identify anomalies.
Money Rules
Henry Laurence traces financial market reform in Britain and Japan over the last two decades, charting the movement of the Anglo-Saxon and Japanese styles of capitalism toward a new, hybrid form of economic organization. He explains what these two stories reveal about changes in the nature of business-government relations in an age of convergence.The package of reforms known in Britain as the "Big Bang" and in Japan as "Biggu Bangu" decontrolled prices, liberalized the number and nature of financial instruments that could be traded, opened both countries' markets to foreigners, and introduced a much greater degree of competition than would have been believed possible twenty years earlier. At...
Fan CULTure
Fan CULTure explores how present-day fans interact with the films, television shows, books, and pop culture artifacts they love. From creating original works of fanfiction to influencing the content of major primetime series through social media, fans are no longer passive consumers. They have evolved into active participants in creating and shaping these works. The all-new essays in this collection provide in-depth analyses of how fans interact with such popular franchises as Harry Potter, Lost, Supernatural, Lord of the Rings and Joss Whedon's Serenity, and examines as well topics not based on media-like fans of LEGO building blocks, Disneyland, and NFL quarterback Tim Tebow.
