We provide an analysis of odds-improving self-protection for when it yields collective benefits to groups, such as alliances of nations, for whom risks of loss are public bads and prevention of loss is a public good. Our analysis of common risk reduction shows how diminishing returns in risk...

We provide an analysis of odds-improving self-protection for when it yields collective benefits to groups, such as alliances of nations, for whom risks of loss are public bads and prevention of loss is a public good. Our analysis of common risk reduction shows how diminishing returns in risk...

A country’s judiciary, police, and security forces are essential to protect the State from external aggression. By virtue of the State’s monopoly of coercion, they maintain a stable legal framework and the safety of persons and property. All these activities enhance a society’s...

We develop a simple two-country model of international trade in which the transportation cost between countries is endogenously determined by decisions concerning capacity and price (road toll, rail fare) of infrastructure. We evaluate alternative regimes of pricing and investment, i.e., free...

A country`s judiciary, police, and security forces are essential to protect the State from external aggression. By virtue of the State`s monopoly of coercion, they maintain a stable legal framework and the safety of persons and property. All these activities enhance a society`s productivity, but...

The authors propose a new model of trade between developing and advanced economies to capture the effects of important asymmetries in the organizations of their industries. This model demonstrates how the industrial structure of a developing economy can evolve to produce what the authors call...

A country’s judiciary, police, and security forces are essential to protect the State from external aggression. By virtue of the State’s monopoly of coercion, they maintain a stable legal framework and the safety of persons and property. All these activities enhance a society’s...

This article memorializes the life and professional work of Mancur Lloyd Olson, Jr. The forty-two years of Mancur Olson's scholarly life were devoted to an inspiring pursuit of his vision of "macro." His ideas may occupy the core of macroeconomics fifty or one hundred years from now, or they may...