This paper is an empirical assessment of the comparative efficiency of governance structures in an environment marked by high uncertainty. We analyze the short-term impact of retail deregulation on the productive efficiency of electric utilities in the United States. We argue that there are...

We show that the many unusual features of China's financial markets are consistent with a government choosing regulations to maximize a standard type of social welfare function. Under certain conditions, these regulations are equivalent to imposing explicit taxes on business and interest income,...

This paper studies an aggregate ride-hail market in which two platforms competing with each other, as well as with transit, under different supply and regulatory conditions. The duopoly is built on a general market equilibrium model that explicitly characterizes the physical matching process,...

If the state is a force monopolist, as Max Weber famously claimed, then the law is a kind of antitrust policy, with criminal law securing the state’s monopoly on force and constitutional law regulating the exercise of the force monopolist’s power primarily through the right to vote, which...

The main consequences of administrative-territorial reform in Ukraine are the formation of united territorial communities and the growth of local budgets, which will further contribute to the financing of programs and projects for the socio-economic development of the regions and improve the...

The rise of fintech has attracted increased attention from investors, entrepreneurs, existing financial-sector participants and regulators. Fintech has many potential benefits and it could transform banking, lending, payments, investing and other financial services through the internet,...