Copyright law grants the exclusive right to copyright owners so that they have adequate financial incentives to create and innovate. However, when firms are copyright owners, they can leverage the exclusive right to sell or distribute products exclusively. This paper studies the music streaming...

Copyright law grants copyright owners exclusive rights so that they have adequate financial incentives to create and innovate. However, when firms are copyright owners, they can leverage their right to sell or distribute products exclusively and thus obtain excessive financial gains. This paper...

We estimate an equilibrium model of residential sorting with endogenous traffic congestion to evaluate the efficiency and equity impacts of urban transportation policies. Leveraging fine-scale data on household travel diaries and housing transactions with home and work locations in Beijing, we...