In 1998, 46 states were involved in a Master Settlement Agreement (MSA) with the tobacco industry. The other four states settled on their own. Our goal is to answer a counter factual question: how would these four states have fared had they been included in the MSA? We use data from Viscusi...

<DIV>When economists wrestle with issues such as unemployment, inflation, or budget deficits, they do so by incorporating an impersonal, detached mode of reasoning. But economists also analyze issues that, to others, typically do not fall within the realm of economic reasoning, such as organ...</div>

This article considers a legal setting with a tort liability rule that includes both a care-based component (such as negligence) and a non--care-based component (such as no liability). Children trespassers are sometimes protected by a doctrine known as attractive nuisance. Attractive nuisance...

We develop a positive political model of the U.S. Supreme Court. Looking at the Court's economic cases for the period 1953–1993, we find a significant larger fraction of conservative decisions under Republican presidents and more conservative leadership of the House and Senate Judiciary...

In a two-period differentiated products duopoly model, most-favored-customer (MFC) pricing policies allow firms to commit to prices above the Bertrand prices. It is shown here, however, that unless a restrictive and unappealing assumption is made about demand, there is no equilibrium in which...