Public pension accounting standards encourage state and local governments to promise too much, fund too little and take too much risk with their investments.

A controversial dimension of the financial crisis has been the role of credit ratings and the perverse incentives facing rating organizations.

When a benefit liability must be paid with 100 percent certainty, a plan should be considered "fully funded" only when it is capable of paying it with 100 percent certainty. Market valuation satisfies this criterion, while current accounting standards do not.

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Do doctors really flee certain states, avoid high-risk specialties such as neurosurgery and obstetrics, or even forgo practicing medicine as a result of ever-growing liability concerns? Can liability reforms prevent an exodus? Empirical answers to these questions are...

The U.S. Senate has announced that it will be debating new legislation to reform America’s medical malpractice law in early May. Is the Senate likely to pass useful reforms? What types of reform should they consider? What is the appropriate role of the federal government in addressing the issue and...

Claims of a medical malpractice crisis stem in large part from recent increases in malpractice insurance rates, with premiums for some individual doctors set in the hundreds of thousands of dollars a year. Most doctors, actuaries, and insurance officials attribute these costs to the lack of caps on liability awards....

In this age of ballooning U.S. debt, it’s hardly surprising that many Democrats and Republicans are pushing to reduce American military spending. But a closer examination of what’s at stake reveals just how troubling the embrace of defense austerity will prove to be.

Is the real problem with America’s medical liability system too much medical malpractice rather than too much litigation? Are recent rises in medical malpractice insurance premiums caused by economic cycles instead of increasing claims? Should the system be compensating more people? In his...