Recent studies have compared labor losses in import-competing industries with the costs of protection and found that those losses are not large enough to justify trade restraints. This study develops a new technique for estimating the costs and benefits of protection and provides a complete...

Contract terms that improve or reduce the likelihood of repayment of a debt should impact its price. That's basic economics. But what about a contract that is hundreds of pages long and has lengthy and complex terms that even the lawyers are unwilling to read? Believers in efficient markets...