This new edition of the leading text on business and government focuses on the insights economic reasoning can provide in analyzing regulatory and antitrust issues. Departing from the traditional emphasis on institutions, Economics of Regulation and Antitrust asks how economic theory and...

Based upon human capital theory, an enrollment model for higher education is formulated with demand being subject to nonprice rationing by academic admission standards. Cross-sectional differences in student enrollment are related to variables representing both demand factors and supply-side...

Pharmacy benefit management companies (PBMs) have emerged over the past decade in response to increased demand for health care cost containment. The ability to obtain volume rebates from drug manufacturers was the principle value added by the PBM industry during the early 1990s. However, PBM...

The focus of this paper is the economics of the pharmaceutical R&D process. Major developments currently impacting the industry include the fact that R&D costs for new drugs are rising very rapidly. Product life cycles are also shortening, meaning there is less time to recover R&D costs and...