In December 2022, following Russia's invasion of Ukraine, a G7-led coalition of countries imposed a $60 per barrel price cap on the sales of Russian oil that use western services. This paper provides a theoretical and quantitative analysis of this new tool. We build a tractable equilibrium model...

Biographical note: GalbraithJohn Kenneth: John Kenneth Galbraith was Paul M. Warburg Professor of Economics, Emeritus, at Harvard University. James Goodman is Associate Professor of History at Rutgers University.

This chapter provides a comprehensive overview of the theoretical and empirical literature on the regulation of natural monopolies. It covers alternative definitions of natural monopoly, public interest regulatory goals, alternative regulatory institutions, price regulation with full...