We analyze an oligopoly model where firms choose both quantities and access fees. Per unit prices are determined endogenously to equate quantity demanded with quantity supplied at each firm. In a Nash equilibrium of the game played by firms, the per unit prices equal mairginal cost and access...

Any meaningful reform of the US Social Security system must deal with the system's current outstanding accumulated unfunded liabilities. The authors model these as a once-off financial liability payable 'tomorrow'. They show that if the equity premium puzzle arises from adverse selection...

I use a unique data set of Canadian displaced workers to measure the effects of firm of employment on wages. This data set has the advantage of consisting of a sample of workers changing jobs for reasons (product demand shifts or technological changes) that are largely orthogonal to their...