What matters to economic decision-making is whether the economy has become more or less predictable. People and businesses use information around them to form judgements about what might happen in the future. The rise in uncertainty might be associated with increased concern about extreme...

The design and conduct of climate change policy necessarily confronts uncertainty along multiple fronts. We explore the consequences of ambiguity over various sources and configurations of models that impact how economic opportunities could be damaged in the future. We appeal to decision theory...

Regulations impose idiosyncratic capital and funding costs for holding derivatives. Capital requirements are costly because derivatives desks are risky businesses; funding is costly in part because regulations increase the minimum funding tenor. Idiosyncratic costs mean no single measure makes...

We develop a theory that addresses the problem of the existence of stable vaccine allocations in a political economy. These are allocation policies that a political leader can enforce without losing their popularity. Our analysis distinguishes between contexts where vaccination has positive...

The COVID-19 global pandemic has devastated economies around the world – an impact which is minuscule compared to the toll it has taken on human lives. Daring to see that something good may come from this tragedy, this paper argues that there are clear synergies to be drawn between the health...

Economic policy usually faces a number of risks and uncertainties, as a byproduct of the changing nature of signals, the economic structure, the interaction of aggregate variables, the mutations in the behavior of economic agents and their reaction to policy decisions. It is generally...

The focus of this study is on black markets which provide an important segment of the parallel economy. These markets operate in disequilibrium,search and information costs become very important.Trafficking in drugs taken as case, to explore both theoretically and empirically. The problem,...

Economic policy usually faces a number of risks and uncertainties, as a byproduct of the changing nature of signals, the economic structure, the interaction of aggregate variables, the mutations in the behavior of economic agents and their reaction to policy decisions. It is generally...

Plusieurs travaux récents sont consacrés à l’examen du comportement du banquier central face à l’incertitude affectant notamment son environnement économique. Ce papier propose, du point de vue du banquier central, une synthèse des principales sources d’incertitude ainsi qu’une...

For over a decade, I have been promoting a Free To Choose Medicine (FTCM) initiative in op-eds, journal articles, interviews, and monographs. FTCM would break the FDA's monopoly on access to new drugs. It would enable patients, advised by their doctors, to make informed decisions about using...