Concerned about the low academic ability of public school teachers, in the 1990s and 2000s, some states increased licensing stringency to weed out low-quality candidates, while others decreased restrictions to attract high-quality candidates. We offer a theoretical model justifying both...

Concerned about the low academic ability of public school teachers, in the 1990s and 2000s, some states increased licensing stringency to weed out low-quality candidates, while others decreased restrictions to attract high-quality candidates. We offer a theoretical model justifying both...

We investigate the welfare effects of vertical integration in China's movie industry. We leverage data covering all theaters and 423 popular movies in China during 2014-2018. Integrated theaters show their movies for longer, allocate more screenings, and charge lower prices. There is no evidence...