The social value of an innovation is comprised of the value to consumers and the value to innovators. We estimate that for the HIV/AIDS therapies that entered the market from the late 1980's onwards, innovators appropriated only 5% of the social surplus arising from these new technologies....

The authors study an organized market for votes in which trade is directed by a market 'specialist.' This market mechanism always produces an equilibrium outcome and, whenever vote buying occurs, the alternative chosen is Pareto superior to the alternative that would be chosen without trade. The...

Economic analysis of infectious diseases emphasizes the self-correcting character of epidemics, as rising risk of infection causes potential victims to take self-protective measures. We apply the analysis to crime, showing how rational potential victims of crime will take increased...

This paper investigates, both theoretically and empirically, the private demand for sexually transmitted disease testing and for protection against infection with emphasis on testing for the AIDS virus (HIV) and on the effects of public subsidies for such testing on the incidence of sexually...