The rapid advancement of digital technology in all spheres of modern life necessarily entails changes to the existing models of economic and social structures in our societies. Institutions of power and society, industrial and social culture, individual worldviews and values are all affected by...

"Do bankrupt firms impose negative externalities on their non-bankrupt competitors? We propose and analyze a collateral channel in which a firm's bankruptcy reduces collateral values of other industry participants, thereby increasing the cost of external debt finance industry wide. To identify...

"U.S. airlines have lost nearly $60 billion (2009 dollars) in domestic markets since deregulation, most of it in the last decade. More than 30 years after domestic airline markets were deregulated, the dismal financial record is a puzzle that challenges the economics of deregulation. I examine...