Even though the U.S. healthcare system exhibits higher administrative costs than any other OECD nation, they have not received substantial attention from policymakers despite their enormous cost and impact on the market. We argue that competition policy could meaningfully reduce these...

For nearly one millenium, the diamond industry's distribution system remained largely unchanged. Ethnic networks, predominated by Jewish merchants, managed the downstream distribution system. Since state courts are unable to reliably enforce executory contracts for diamond sales, these networks...