Allowing appropriately high fines for political bribery would eliminate: (1) the large and allocatively arbitrary bribes paid to our most senior, retiring, politicians (2) the more moderate, but ubiquitous and still allocatively arbitrary bribes paid to less senior, but strategically successful,...

Should laissez faire prevail as to the private-market supply of the AIDS antibody test? Applying a recent theorem from the economics of property rights, this paper determines that the answer is negative, and shows that the optimal policy regarding the AIDS antibody test differs according to...