This paper estimates the residential outage cost in Chile's Central Interconnected System (SIC), using consumer's willingness to pay for energy. We first estimate the cost of reducing energy consumption efficiently, that is only the less valuable kWh (as indicated by the market demand curve) are...

Over the last 15 years the cellular SEP market has achieved a long-run equilibrium spanning the development, deployment and use of 2G, 3G, 4G, and now 5G technologies. Cumulative royalties have converged to market values, and the market has apportioned them according to the incremental value...

We argue that in adjudicating SEP royalty rates, courts should do what they do in pricing other assets or the flows of income they produce: rely on information from the market about the value of comparable assets or their rental rates. The comparables method is based on price theory, which...

The main problem with road provision in developing countries is lack of maintenance, which leads to increased transportation costs. Other important problems are the inefficient choice of projects and excessive costs of construction. To a large extent, these problems are due to a poor...

We present an agency model of coup attempts in autocracies. The autocrat's objectives conflict with those of the citizenry. Under the assumption that the autocrat's policy choices cannot be observed by the citizenry, but are correlated with the short-run performance of the economy we find that:...

The authors attribute many of the problems in highway privatization to the combined effect of features of the highway business and the fixed term contracts used. First, traffic forecasts are notoriously imprecise, and the franchise holder has almost no control over demand. Second, most...

A large literature asserts that standard essential patents (SEPs) allow their owners to "hold up" innovation by charging fees that exceed their incremental contribution to a final product. We evaluate two central, interrelated predictions of this SEP hold-up hypothesis: (1) SEP-reliant...