Liquidity constraints can distort efficient investment across a variety of domains, for both firms and individuals. While debt financing is often used to address liquidity constraints, especially at the individual level, there has been a recent push towards Income Share Agreements (ISAs) –...

The tradable or transferable permit system, “cap and trade”, is one of the most innovative policy options developed by environmental economists. Over the last 40 years, cap and trade programs have been used around the globe by some of the world’s biggest economies. By placing a cap on a...