Patricia Munch - Academia.edu (original) (raw)
Papers by Patricia Munch
Journal of Political Economy, Jun 1, 1976
A theoretical analysis of land assembly with and without eminent domain concludes that, contrary ... more A theoretical analysis of land assembly with and without eminent domain concludes that, contrary to traditional assumptions, eminent domain is not necessarily a more efficient institution than the free market for consolidating many contiguous but separately owned parcels into a single ownership unit. In practice, prices paid under eminent domain may differ systematically from the "fair market value" standard, depending on court costs of buyer and seller. Evidence from urban renewal supports the hypothesis that, due to the structure of court costs, high-valued properties receive more than market value and low-valued properties receive less than market value. I would like to thank the members of my thesis committee, Professors George J. Stigler, Gary S. Becker, and Ronald H. Coase, for their guidance and valuable insights. I also benefited from the comments of an anonymous referee. ' Generalizations on the legal aspects of ED are based on Lewis (1909) and Nichols (1970).
Hübner international series on risk, insurance, and economic security, 1980
This article reports empirical evidence concerning the effects of solvency regulation on the numb... more This article reports empirical evidence concerning the effects of solvency regulation on the number of companies andfrequency of insolvencies. Minimum capital requirements appear to reduce insolvencies by reducing the number of small, domestic firms. This supports the view of capital requirements as a differentially higher tax on small, new firms. Other forms of regulation have ambiguous effects or none. A comparison of the characteristics of insolvent and solvent firms supports the model of insolvency as the (unlucky) outcome of value-maximizing risk-taking. 1 Property and liability insurance may be roughly defined as all lines other than life, accident, and health. It includes both commercial and personal lines and both third-party (liability) and first-party coverages. Total premium volume in 1977 was $71.7 billion, of which private passenger automobile accounted for over one-third. (Best's Review, Property-Casualty Insurance Edition, August 1978). There are over 2,000 firms in the industry. In 1945 the McCarran-Ferguson Act granted the insurance industry immunity from federal antitrust law, provided there is regulation at the state level. Subsequently, all states have enacted regulations relating to rates and to financial condition. Previous empirical studies of the effects of regulation have focused on rate regulation (Joskow, 1973; Ippolito, 1979). Studies of solvency regulation have been primarily prescriptive (Hofflander, 1969; Hammond, 1978).
Journal of Political Economy, Jun 1, 1976
A theoretical analysis of land assembly with and without eminent domain concludes that, contrary ... more A theoretical analysis of land assembly with and without eminent domain concludes that, contrary to traditional assumptions, eminent domain is not necessarily a more efficient institution than the free market for consolidating many contiguous but separately owned parcels into a single ownership unit. In practice, prices paid under eminent domain may differ systematically from the "fair market value" standard, depending on court costs of buyer and seller. Evidence from urban renewal supports the hypothesis that, due to the structure of court costs, high-valued properties receive more than market value and low-valued properties receive less than market value. I would like to thank the members of my thesis committee, Professors George J. Stigler, Gary S. Becker, and Ronald H. Coase, for their guidance and valuable insights. I also benefited from the comments of an anonymous referee. ' Generalizations on the legal aspects of ED are based on Lewis (1909) and Nichols (1970).
Hübner international series on risk, insurance, and economic security, 1980
This article reports empirical evidence concerning the effects of solvency regulation on the numb... more This article reports empirical evidence concerning the effects of solvency regulation on the number of companies andfrequency of insolvencies. Minimum capital requirements appear to reduce insolvencies by reducing the number of small, domestic firms. This supports the view of capital requirements as a differentially higher tax on small, new firms. Other forms of regulation have ambiguous effects or none. A comparison of the characteristics of insolvent and solvent firms supports the model of insolvency as the (unlucky) outcome of value-maximizing risk-taking. 1 Property and liability insurance may be roughly defined as all lines other than life, accident, and health. It includes both commercial and personal lines and both third-party (liability) and first-party coverages. Total premium volume in 1977 was $71.7 billion, of which private passenger automobile accounted for over one-third. (Best's Review, Property-Casualty Insurance Edition, August 1978). There are over 2,000 firms in the industry. In 1945 the McCarran-Ferguson Act granted the insurance industry immunity from federal antitrust law, provided there is regulation at the state level. Subsequently, all states have enacted regulations relating to rates and to financial condition. Previous empirical studies of the effects of regulation have focused on rate regulation (Joskow, 1973; Ippolito, 1979). Studies of solvency regulation have been primarily prescriptive (Hofflander, 1969; Hammond, 1978).