Over one third of the uninsured adults in the U.S. below retirement age are between 19 and 29 years old. Young adults, especially men, often go without insurance, even when buying it is mandatory and sometimes even when it is a low cost employment benefit. This paper proposes a new form of...

This paper reviews and evaluates the empirical literature on adverse selection in insurance markets. We focus on empirical work that seeks to test the basic coverage-risk prediction of adverse selection theory--that is, that policyholders who purchase more insurance coverage tend to be riskier....

This article evaluates the cost and crime-reducing potential of prisons and social spending, setting forth the conditions under which a shift in resources from an expanding prison population into social spending would lead to a reduction in total crime. Preschool enrichment programs coupled with...

Warfare is often thought of as the antithesis of Coasean bargaining over entitlements because armed conflicts consume real resources whose destruction could be avoided by negotiated solutions. We argue that fighting and negotiating are not mutually exclusive methods of resolving disputes between...