We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee’s assignment of...

Power market integration is analyzed in a two countries model with nationally regulated firms and costly public funds. If generation costs between the two countries are too similar negative business-stealing outweighs efficiency gains so that following integration welfare decreases in both...

Remarks at the 2013 OTC Derivatives Conference, Paris, France.

Remarks at the Foreign Policy Association Corporate Dinner, New York City

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.