Modern multi-tenant firms have as their origin the ancient bazaars of the Middle East and include today's airports, physical and virtual shopping malls, cable television providers, port terminals, trade-shows, sports leagues, and food franchises. The multi-tenant firm operates as a “firm of...

A common misunderstanding of moral hazard emerges from an inaccurate definition of health-care insurance. What we call health insurance is actually a bundle of two services — insurance for catastrophic care and subsidies for routine care. The insurance portion covers insurable medical events...