Massive dollars shuttled back and forth among firms on the twisted path to and passage of the 2017 tax reform. Prices of individual stocks…
We study an economy where intermediaries facilitate exchange between a supplier and consumers. The set of feasible transactions is…
Drug pricing in the U.S. is a persistently vexing policy problem. While there is agreement among many policy analysts that supra…
We investigate equilibrium bidding in first-price auctions with asymmetric reserve prices. For example, the auctioneer may set a low…
A reform of the Western Energy Imbalance Market should target the right problem. Import leakage is a problem; resource shuffling is a…
The behavioral responses to taxes and subsidies are often subject to various behavioral biases and transaction costs—what we define as “…
This article reviews the design of environmental
markets for pollution control over the past 30 years,
and identifies key market-design…
The past thirty years have seen a dramatic decline in the rate of income convergence across states and in population flows to high-income…
Consumer search serves productive roles in an economy with multiple goods. In equilibrium, search promotes the sorting of consumers among…
Many Americans live paycheck to paycheck, carry revolving credit balances, and have
little liquidity to absorb financial shocks (Angeletos…