For approximately the past forty years, it has been fashionable among those studying public commodities to scorn the Balkanization of their production and distribution. Economists have been noteworthy in this regard. They have based their advocacy for the control and provision of public services...

In the credit card market, banks have to decide on the borrowing limits of their potential customers, when the amounts of borrowing to be incurred on these lines are uncertain. This borrowing uncertainty can make the market incomplete and create ex post misallocations. Households who are denied...