Suppose the price of crude oil changes and you ask consumers what will happen to gasoline price. My unscientific survey suggests you will get very different answers about increases in crude oil prices than decreases. In the case of a crude increase a vast majority will predict a rapid increase...

Most economists view the shopping mall as a mechanism which primarily economizes on search costs. This belief disregards the huge subsidies that are given to large department stores. Using a far richer set of data than heve been ever available on this issue, this study analyzes a large sample of...

Over the last century life expectancy has increased substantially and so has the share of health care expenditures financed by governments. In cross-country comparisons, the US, which has the lowest government health expenditure share, often has the poorest health outcomes. Is there a plausible...

Stigler’s theory of oligopoly remains a central pillar in merger policy in most, if not all, antitrust regimes around the world. Dennis Carlton & Sam Peltzman (Univ. of Chicago)