In a rare effort to internalize congestion costs, London recently instituted charges for traveling by car to the central city during peak hours. Although the theoretical influence on the number and severity of traffic accidents is ambiguous, we show that the policy generated a substantial...

Legal bar closing times in England and Wales have historically been early and uniform. Recent legislation liberalised closing times with the object of reducing social problems thought associated with drinking to "beat the clock." Indeed, we show that one consequence of this liberalization was a...

The press often depicts bonuses as extra payments to the already well compensated and calls for reform. Yet, these calls typically ignore the efficiency argument that bonuses are potentially risky performance pay that substitute for salary compensation. This paper uses representative UK data to...