University of Southern California Center for Law & Social Science (CLASS) Law & Economics Research Paper Series最新文献

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Group Lending with Adverse Selection 逆向选择下的群体借贷
J. Laffont, Tchétché N'Guessan
{"title":"Group Lending with Adverse Selection","authors":"J. Laffont, Tchétché N'Guessan","doi":"10.2139/ssrn.340581","DOIUrl":"https://doi.org/10.2139/ssrn.340581","url":null,"abstract":"We focus on adverse selection as a foundation of group lending. In a simple static model we show that there is no collateral effect if borrowers do not know each other. If the borrowers know each other, group lending implements efficient lending. However, it is not robust to collusive behavior, when transfers are allowed between colluding partners. Finally, we characterize the optimal collusion-proof group contract.","PeriodicalId":390004,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Law & Economics Research Paper Series","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114609759","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: 127
Shakedown at Gucci Gulch: A Tale of Death, Money & Taxes 古驰峡谷的勒索:一个关于死亡、金钱和税收的故事
Edward J. McCaffery, L. Cohen
{"title":"Shakedown at Gucci Gulch: A Tale of Death, Money & Taxes","authors":"Edward J. McCaffery, L. Cohen","doi":"10.2139/SSRN.581084","DOIUrl":"https://doi.org/10.2139/SSRN.581084","url":null,"abstract":"Ever since Mancur Olson's 1965 classic The Logic of Collective Action was published, the dominant view of politics in the academy and the popular understanding has featured the special interest model. Small groups with high stakes in legislative outcomes solve their coordination and free-rider problems and then descend on Washington and other bastions of power, seeking rents. In this model, the special interests are the predators, the legislators the prey. In this paper, we argue that in an important set of cases, the process works in reverse. Legislators pro-actively solve the coordination and free riding problems identified by Olson so that they can then shake down the groups so formed for campaign contributions. We illustrate this model of a reverse Mancur Olson phenomenon with the extended example of estate tax repeal/non repeal, and suggest further extensions. The key properties of the phenomenon are small groups with high stakes that Congress has helped to frame or set up; plausible action; two or more sides; plausible longevity for any legislative action. The key predictions are that, once Congress has found rich territory for the game, it will string matters along, frequently voting, never really acting, and avoiding sensible compromises at every turn.","PeriodicalId":390004,"journal":{"name":"University of Southern California Center for Law & Social Science (CLASS) Law & Economics Research Paper Series","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125099406","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: 3
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