Cannabis is no longer a movement. It is an industry estimated to be worth $50 billion as of January 2019. Currently, 46 states in the United States (the “U.S.”) have laws permitting or decriminalizing marijuana or marijuana-based products. Many of these states are enacting these marijuana...

Although marijuana is illegal under federal law, twenty-three states have legalized some marijuana use. The state-legal marijuana industry is flourishing, but marijuana-related businesses report difficulty accessing banking services. Because financial institutions will not allow...

This paper has two goals. First, we discuss several emerging approaches to applied welfare analysis under non-standard ("behavioral") assumptions concerning consumer choice. This provides a foundation for Behavioral Public Economics. Second, we illustrate applications of these approaches by...

This study examines the effect of the opioid epidemic on bank mortgage lending decisions. We find that mortgage loan applications of risky borrowers with larger local opioid exposure are less likely to be approved. We use various fixed effects and matched loan analysis to identify consistent...

This paper has two goals. First, we discuss several emerging approaches to applied welfare analysis under non-standard ("behavioral") assumptions concerning consumer choice. This provides a foundation for Behavioral Public Economics. Second, we illustrate applications of these approaches by...

This study examines the effect of the opioid epidemic on bank mortgage lending decisions. We find that mortgage loan applications from risky borrowers with greater local opioid exposure are less likely to be approved. We use various fixed effects and matched loan analysis to identify any...

This paper derives indicators of the severity and structure of banking system risk from asymptotic interdependencies between banks’ equity prices. We use new tools available from multivariate extreme value theory to estimate individual banks’ exposure to each other (“contagion risk”) and...

This paper is the first that applies a new measure of competition, the Boone indicator, to the banking industry. This approach is able to measure competition of bank market segments, such as the loan market, whereas many well-known measures of competition can consider the entire banking market...