We study a German policy intervention that shifted the statutory incidence of real estate agent commissions from buyers to sellers. Liability-side equivalence predicts no effect on economic incidence as sellers are expected to pass on the additional burden through higher prices. We use real...

New electricity markets carry inherent risks of volatility and market power abuse - teething troubles that can derail reform. Vesting contracts are transitional financial hedges imposed before privatization to stabilize generator revenues and protect retailers - and, ultimately, consumers - from...