Given the existence of non-selective universities, the question of whether to employ racial preferences in college admissions reduces to one of optimal allocation of a finite resource: students who are members of under-represented racial or ethnic groups. In this paper, we assess recent legal...

Given the existence of non-selective universities, the question of whether to employ racial preferences in college admissions reduces to one of optimal allocation of a finite resource: students who are members of under-represented racial or ethnic groups. In this paper, we assess recent legal...

Governments have responded to misleading advertising by banning it, engaging in counter-advertising and taxing and regulating the product. In this paper, we consider the welfare effects of those different responses to misinformation. While misinformation lowers consumer surplus, its effect on...

Why do public-sector workers receive so much of their compensation in the form of pensions and other benefits? This paper presents a political economy model in which politicians compete for taxpayers' and government employees' votes by promising compensation packages, but some voters cannot...