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on Law and Economics |
| By: | Mr. José M. Garrido |
| Abstract: | Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law. |
| Keywords: | Tokens; Commercial Law; Securities Law; Fintech; Consumer Protection |
| Date: | 2023–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2023/151&r=law |
| By: | Jesse Matheson (University of Sheffield); Brendon McConnell (University of Southampton); James Rockey (University of Birmingham); Argyris Sakalis (University of Sheffield) |
| Abstract: | We examine the impact of the working from home (WFH) shift on neighborhood-level burglary rates, employing detailed street-level crime data and a neighborhood WFH measure. We find a one standard deviation increase in WFH (9.5pp) leads to a persistent 4% drop in burglaries. A spatial search model identifies two deterrence channels: occupancy, as burglars avoid occupied houses, and \eyes on the street". We provide evidence supporting both channels. Despite crime displacement to low WFH areas offseting 30% of the burglary reduction, a hedonic pricing model reveals significant willingness to pay for high WFH areas, especially those with high ex-ante burglary risk. |
| Keywords: | Working From Home, Property Crime, Spatial Spillovers, Hedonic House Price Models. |
| JEL: | H75 K42 R20 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:bir:birmec:23-07&r=law |
| By: | Yassine Lefouili; Leonardo Madio; Ying Lei Toh |
| Abstract: | We analyze how a privacy regulation taking the form of a cap on information disclosure affects quality-enhancing innovation incentives by a monopolist—who derives revenues solely from disclosing user data to third parties—and consumer surplus. If the share of privacy-concerned users is sufficiently small, privacy regulation has a negative effect on innovation and may harm users. However, if the share of privacy-concerned users is sufficiently large, privacy regulation has a positive effect on innovation. In this case, there is no trade-off between privacy and innovation and users always benefit from privacy regulation. |
| Keywords: | privacy regulation, data disclosure, innovation |
| JEL: | D83 L15 L51 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10545&r=law |
| By: | Negha Senthil; Jayanthi Vajiram; Nirmala. V |
| Abstract: | The misuse of law by women in India is a serious issue that has been receiving increased attention in recent years. In India, women are often discriminated against and are not provided with equal rights and opportunities, leading to a gender bias in many aspects of life. This gender bias is further exacerbated by the misuse of law by women. There are numerous instances of women using the law to their advantage, often at the expense of men. This practice is not only unethical but also unconstitutional. The Indian Constitution does not explicitly guarantee gender equality. However, several amendments have been made to the Constitution to ensure that women are treated equally in accordance with the law. The protection of women from all forms of discrimination is considered a fundamental right. Despite this, women continue to be discriminated against in various spheres of life, including marriage, education, employment and other areas. The misuse of law by women in India is primarily seen in cases of domestic violence and dowry-related issues and are punishable by law. However, women often file false dowry harassment cases against their husbands or in-laws in order to gain an advantage in a divorce or property dispute. |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2307.14651&r=law |
| By: | Callaci, Brian (Open Markets Institute); Gibson, Matthew (Williams College); Pinto, Sergio (University of Maryland); Steinbaum, Marshall (University of Utah); Walsh, Matt (Burning Glass Technologies) |
| Abstract: | We evaluate the impact of the Washington State Attorney General's enforcement campaign against employee no-poaching clauses in franchising contracts, which unfolded from 2018 through early 2020. Implementing a staggered difference-in-differences research design using Burning Glass Technologies job vacancies and Glassdoor salary reports, we document the nationwide effect of the enforcement campaign on pay at franchising chains across numerous industries. Our preferred specification estimates a 6.6% increase in posted annual earnings from the job vacancy data and an approximate 4% increase in worker-reported earnings. |
| Keywords: | employer market power, franchising, antitrust, oligopsony |
| JEL: | J42 K21 L40 J31 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16330&r=law |
| By: | Gregory M. Dickinson |
| Abstract: | Lawmakers around the country are crafting new laws to target "dark patterns" -- user interface designs that trick or coerce users into enabling cell phone location tracking, sharing browsing data, initiating automatic billing, or making whatever other choices their designers prefer. Dark patterns pose a serious problem. In their most aggressive forms, they interfere with human autonomy, undermine customers' evaluation and selection of products, and distort online markets for goods and services. Yet crafting legislation is a major challenge: Persuasion and deception are difficult to distinguish, and shifting tech trends present an ever-moving target. To address these challenges, this Article proposes leveraging state private law to define and track dark patterns as they evolve. Judge-crafted decisional law can respond quickly to new techniques, flexibly define the boundary between permissible and impermissible designs, and bolster state and federal regulatory enforcement efforts by quickly identifying those designs that most undermine user autonomy. |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2307.07888&r=law |
| By: | Christian Traxler; Libor Dušek |
| Abstract: | We estimate the effect of the level of fines on payment compliance and revenues collected from speeding tickets. Exploiting discontinuous increases in fines at speed cutoffs and reform induced variation in these discontinuities, we implement two complementary regression discontinuity designs. The results consistently document small payment responses: a 10% increase in the fine (i.e. the payment obligation) induces a 1.2 percentage point decline in timely payments. The implied revenue elasticity is about 0.9. Expressed in absolute terms, a one dollar increase in the fine translates into a roughly 60 cent increase in payments collected within 15 days. |
| Keywords: | Fines, Timely Payment, Speeding Tickets, Regression Discontinuity Design |
| JEL: | H27 H26 K42 |
| Date: | 2023–07–31 |
| URL: | http://d.repec.org/n?u=RePEc:bdp:dpaper:0023&r=law |
| By: | David R. Agrawal |
| Abstract: | An international tax haven is usually a low-tax jurisdiction that seeks to attract investment by foreign investors. But, there are many state and local jurisdictions within federal systems that set zero tax rates on personal or corporate income, consumption, property, and wealth in an effort to attract activity from other high-tax jurisdictions. I discuss whether subnational tax havens are distinct from intense tax competition. I conclude that in a federal system, the economic implications of the two may be similar, but the policy responses differ subtly. A survey of the empirical evidence on the effect of zero or very low tax rates indicates that the lowest tax jurisdiction may disproportionately benefit from non-real base shifting, but real and avoidance responses also arise in response to smaller tax differentials between non-havens. Turning to the corporate income tax, I discuss how legal rules such as formula apportionment, economic nexus, and incorporation rules influence tax competition and the avoidance behaviors of multistate companies. |
| Keywords: | tax haven, tax competition, state and local public finance, regulatory competition, corporate charters |
| JEL: | H71 H73 H77 K22 K34 R51 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10573&r=law |
| By: | Disney, Richard; Gathergood, John; Machin, Stephen; Sandi, Matteo |
| Abstract: | “Right to Buy” (RTB), a large-scale natural experiment whereby incumbent tenants in public housing could buy properties at heavily-subsidised prices, increased the UK homeownership rate by over 10 percentage points between its 1980 introduction and the 1990s. This paper studies the impact of this reform on crime by leveraging exogenous variation in eligibility for the policy. Results show that RTB generated significant property crime reductions. Behavioural changes of incumbent tenants and renovation of public properties were the main drivers of this crime reduction. This is evidence of a novel means by which subsidised homeownership and housing policy can reduce criminality. |
| Keywords: | crime; ownership; pubic housing; OUP deal |
| JEL: | H44 K14 R31 |
| Date: | 2023–06–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:119338&r=law |