Occupational licensing laws can allow professionals to extract rents in the marketplace. In the case of vision services, optometrists have the authority to write prescriptions for contact lenses. Optometrists may choose to conceal this information and force patients to purchase lenses from the...

Occupational licensing laws can create monopoly power for professionals in the marketplace. In the case of vision services, optometrists have the authority to write prescriptions for contact lenses, and this can result in professionals excluding information to force patients to purchase lenses...