The U.S. structure for collective investment, in which individual corporations hire outside investment advisers, is unusual among developed economies. Most other industrialized nations use structures based on a direct contractual relationship between the fund manager and the investor. In such structures, there is no intervening corporation, but there are...

This article attempts to identify moral hazard in the traditional reinsurance market and derive predictions on premium design, monitoring, loss control, and insurer risk retention.

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Any policy to control carbon dioxide emissions should take the form of a carbon tax or a cap-and-trade system with all permits sold at auction.

The Enron collapse has had a resonance far beyond its significance as an economic matter.

The health care sector is a major component of the U.S. economy accounting for 13.5 percent of GDP and 12.5 percent of civilian employment in 1998.[i] This paper is a brief review of how the health care system developed its particular structure and how that structure...

Replacing boards of education with mayoral control has been a popular reform strategy in urban districts, butthere is little evidence ofthe strategy'seffectiveness.

George L. Priest discusses the government's role as an insurer in this Bradley Lecture.