We study an economy where intermediaries facilitate exchange between a supplier and consumers. The set of feasible transactions is…
US President Donald Trump and congressional Republican allies have succeeded in passing their big tax legislation. While it lacks many of…
Behavioural economic research has established that defaults, one form of nudge, powerfully influence choices. In most policy contexts, all…
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…
Energy-efficient technologies offer considerable promise for reducing the financial costs and environmental damages associated with energy…
To understand the tax bill now coming out of Congress, apply some good old grammar school skills of arithmetic and history. The arithmetic…
While the agenda of “beyond GDP” encompasses measurements that lie outside boundaries of the System of National Accounts, key aspects of…
The behavioral responses to taxes and subsidies are often subject to various behavioral biases and transaction costs—what we define as “…