Dilution is the loss experienced by incumbent owners upon the creation of new ownership units (such as shares or tokens). Although a number of ad hoc patches to the U.S. tax code typically provide incumbents with some form of tax allowance for their loss, there appears to be no unified theory of...

Recently proposed legislation in Colorado, Connecticut, Florida, Maine, Missouri, Oklahoma, Oregon, Utah, Vermont and West Virginia aims to reduce spending on pharmaceuticals by importing them from Canada. To examine the cost effectiveness of importation, this study analyzes 24 drugs from an...

This article covers the legal requirements regarding the use of renewable fuel. It covers the environmental impacts of using ethanol, cellulosic ethanol, and biodiese as fuel. It discusses the subsidies provided to encourage the use of biofuel. It concludes that the existing programs to...

This paper studies the role of taxation in durable good markets with dynamic monopolies. By conditioning the marginal tax rate on the volume of trade, the social planner can provide incentives for the monopolist to abandon sequential screening and clear the market immediately in unique...

I analyze a general model of consumer behavioral biases and firms' equilibrium reactions to them, in which I nest several different biases such as self-control issues, overconfidence, and inattention to salient prices, among others. I show that, absent other market failures, the existence of a...

This paper offers a framework for regulating internalities. Using a simple economic model, we provide four principles for designing and evaluating behaviorally-motivated policy. We then outline rules for determining which contexts reliably reflect true preferences and discuss empirical...

Contemporary American interest in using antitrust law to address wealth inequality is a symptom of American political dysfunction rather than a reflection of any intellectual advance regarding the sources of inequality. Indeed, both the original American progressives of a century ago, as well as...

The rise of the ‘tech giants’ is, of course, a significant commercial threat to more traditional media, but it also raises some potentially important issues of public policy. These companies have variously been accused of facilitating the spread of ‘fake news’ and extremist material,...

Offshore financial centres (OFCs) are alleged to be hotbeds of tax evasion. Their role in facilitating individual and corporate tax planning, which is entirely legal but politically controversial, has also come under the spotlight. However, OFCs play an important economic function. By mitigating...

Excessive drinking creates costs to public services which the government can recoup through alcohol taxes, thereby making drinkers internalise the costs. However, in Britain, the alcohol duty regime is excessive and illogical. Not only do revenues from alcohol duty far exceed the costs to public...