The amended Food, Drug and Cosmetics Act requires efficacy certification for a drug's initial uses ("on-label"), but does not require certification before physicians may prescribe the drug for subsequent uses ("off-label"). Does it make sense to require FDA efficacy certification for new drugs...

New-Classical neutrality results have generated an enormous debate because they appear to have strong implications for policy. The author argues that irrelevance propositions are policy irrelevant. If these propositions are true, then behaving as if they are false has zero costs; but if they are...

Every year around Christmas there are shortages of the "hot toy." Why don't sellers raise the price? The hot-toy problem is puzzling if we assume that a "big" shortage implies that a $500 bill is being left on the ground. I show that a big shortage does not necessarily imply large losses in...

This study finds that contingent fees benefit plaintiffs and do not cause higher awards.

This study investigates the relationship between firearm prevalence and suicide in a sample of all US states over the years 2000–2009. We find strong, positive effects of gun prevalence on suicide using OLS estimation, across a variety of measures for gun possession, and with several sets of...