Income tax refunds are often significant lump-sum payments for households in the US. These payments allow households to increase their expenditures, including purchasing larger quantities of goods and stockpiling them for future consumption. Buying larger quantities allows households to reduce...

This paper analyzes the impact of rate regulation on the structure of insurance markets for private passenger automobile insurance. The paper argues that states' restrictions on automobile insurers' rates of return will distort the structure of the market by distorting insurers' entry and output...