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Cities, Productivity, and Quality of Life

Technological changes and improved electronic communications seem, paradoxically, to be making cities more, rather than less, important.

What the U.S. Government Can Learn from Business

Whatever late compromise is finally agreed upon in the U.S. debt ceiling debate, the most difficult hurdles for any deficit-reduction effort lie ahead.

Access Pricing, Competition, and Incentives to Migrate From "Old" to "New" Technology

In this paper, we analyze the incentives of an incumbent and an entrant to migrate from an "old" technology to a "new" technology, and discuss how the terms of wholesale access affect this migration.

The Economics of Medical Care

The "CAPS" Prediction System and Stock Market Returns

We study the predictive power of approximately 2.5 million stock picks submitted by individual users to the “CAPS” website run by the Motley Fool company (www.caps.fool.com).

A Comparison of Product Price Targeting and Other Monetary Anchor Options, for Commodity Exporters in Latin America

Seven possible nominal variables are considered as candidates to be the anchor or target for monetary policy.

NATO on the Brink

Then-Secretary of Defense Robert Gates traveled to Brussels in June, where he warned European allies of the “dwindling … patience in the U.S.

Using Medicare Data for Comparative Effectiveness Research: Opportunities and Challenges

Background: With the introduction of Part D drug benefits, Medicare began to collect information on diagnoses, treatments, and clinical events for millions of beneficiaries.

The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous

Movements in asset prices are a major risk confronting individuals. This paper establishes new asset pricing results when agents differ in risk preference, time preference and/or expectations.

Deterring and Compensating Oil Spill Catastrophes: The Need for Strict and Two-Tier Liability

The BP Deepwater Horizon oil spill highlighted the glaring weakness in the current liability and regulatory regime for oil spills and for environmental catastrophes more broadly.