VIX Surge is a Wake-up Call for Investors
The recent stock-market correction—the first in the U.S.
Research
Collective Action in an Asymmetric World
A central authority possessing tax and expenditure responsibilities can readily provide an efficient level of a public good.
African Regional Economic Integration: The Emergence, Evolution, and Impact of Institutional Innovation
The power of Pan-Africanism as a guiding vision for the continent’s development is widely studied, mostly as an aspirational phenomenon.
Unequal Rewards to Firms: Stock Market Responses to the Trump Election and the 2017 Corporate Tax Reform
Massive dollars shuttled back and forth among firms on the twisted path to and passage of the 2017 tax reform.
Trading Networks and Equilibrium Intermediation
We study an economy where intermediaries facilitate exchange between a supplier and consumers.
High-Priced Drugs in Medicare Part D: Diagnosis and Potential Prescription
Drug pricing in the U.S. is a persistently vexing policy problem.
On Asymmetric Reserve Prices
We investigate equilibrium bidding in first-price auctions with asymmetric reserve prices.
New Prospects for Organizational Democracy? How the Joint Pursuit of Social and Financial Goals Challenges Traditional Organizational Designs
The joint pursuit of commercial and societal objectives will likely require non-traditional (non-hierarchical) ways of organizing.
An Efficient Western Energy Imbalance Market with Conflicting Carbon Policies.
A reform of the Western Energy Imbalance Market should target the right problem. Import leakage is a problem; resource shuffling is a solution.
The Efficiency Consequences of Heterogeneous Behavioral Responses to Energy Fiscal Policies
The behavioral responses to taxes and subsidies are often subject to various behavioral biases and transaction costs—what we define as “microfrictions.” We develop a theoretical framework to show how
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