The quip from books on military history is that the generals plan to fight the next war as if it were going to be similar to the last war. The counterpart statement for those who develop regulatory initiatives to forestall banking crises is that they still do not understand that the cause of the...

The geographic extent of markets for physicians is an important but little-explored issue for antitrust. Using patient flow data from a 2009 20% sample of Medicare beneficiaries, we define physician specialty-specific geographic markets for selected communities and calculate concentration within...