We argue that in adjudicating SEP royalty rates, courts should do what they do in pricing other assets or the flows of income they produce: rely on information from the market about the value of comparable assets or their rental rates. The comparables method is based on price theory, which...

We present an agency model of coup attempts in autocracies. The autocrat's objectives conflict with those of the citizenry. Under the assumption that the autocrat's policy choices cannot be observed by the citizenry, but are correlated with the short-run performance of the economy we find that:...

A large literature asserts that standard essential patents (SEPs) allow their owners to "hold up" innovation by charging fees that exceed their incremental contribution to a final product. We evaluate two central, interrelated predictions of this SEP hold-up hypothesis: (1) SEP-reliant...

It is usually thought that network externalities, which are inherent to liquidity, make it desirable to concentrate transactions in one stock exchange. This paper shows that when the value of liquidity stems from the ability to potentially reach as many traders as possible, the market is...

This paper quantifies the direct impact of taxes on income distribution at the household level in Chile and estimates the distributional effect of several changes in the tax structure. We find that income distributions before and after taxes are very similar (Gini coefficients of 0.448 and...

This paper reviews competition policies in Chile. It argues that competition policy should strive to reduce entry, fixed and variable costs where that is technically feasible; reduce the costs of reallocating resources across firms and sectors; and foster tough price competition. It also shows...

While some countries have unbundled distribution and retailing, skeptics argue that the physical attributes of electricity make retailers redundant. Instead, it is claimed that passive pass through of wholesale prices plus regulate charges for transmission and distribution success for customers...