This paper provides a rational choice analysis of rituals, defined as predictable and regular observances of acts or procedures, which have a symbolic element resulting in the inculcation or reinforcement of shared values and beliefs.
Is the midnight regulations phenomenon real and what are its consequences? This paper finds that when an administration’s time is almost up, submissions of economically significant regulations nearly double. Such surges in regulatory activity decrease the duration of regulatory review at the Office of Information and Regulatory Affairs (OIRA), likely because of political pressure to quickly approve new rules. Specifically, one additional economically significant regulation submitted to OIRA decreases the mean review time for all regulations by about two thirds of a day. If OIRA review improves regulation quality, then regulatory surges that decrease review time could hinder such improvement.
We explore the conjecture, first hinted at by Peter Minowitz, that Smith deliberately placed his central idea, as represented by the phrase ‘led by an invisible hand’, at the physical centre of his masterworks.
This article argues that the Ostroms' institutionalism has a dimension that is complex and profound enough to deserve to be considered a “social theory” or a “social philosophy.” The article pivots around the thesis that the “social philosophy” behind the Bloomington School's research agenda has in fact two facets that may or may not be consistent with each other.
For over a century England's judicial system decided land disputes by ordering disputants' legal representatives to bludgeon one another before an arena of spectating citizens. The victor won the property right for his principal. The vanquished lost his cause and, if he were unlucky, his life. People called these combats trials by battle. This paper investigates the law and economics of trial by battle.
In recent years, federal policymakers, state legislators, and state Attorneys General have all shown renewed interest in regulating commercial advertising and marketing. Several new regulatory initiatives are being proposed, or are already underway, that could severely curtail or restrict commercial speech on a variety of platforms. The affected platforms range from traditional media (newspapers, TV and radio broadcasters, etc.) to the newest media outlets (the Internet, online ad networks, social networks, video games, mobile devices, and interactive television).
We examine the correlation between federal government activity and performance of the capital’s National Football League team, the Washington Redskins. We find a positive, non-spurious, and robust correlation between the Redskins’ winning percentage and bureaucratic output, measured by pages published in the Federal Register. Because the Redskins’ performance is prototypically exogenous, we give this result a causal interpretation and provide a plausible, causal mechanism: bureaucrats must make “logrolling” deals to expand their regulatory power, and a winning football team offers a shared source of optimism to lubricate such negotiations. We do not find the same correlation when examining congressional activity.