We study how competition impacts innovation (and welfare) when firms compete both in the product market and in innovation development. This relationship is complex and may lead to scenarios in which a lessening of competition increases R&D and consumer welfare in the long run, contradicting...

How do vertical mergers impact consumers? Though often presumed to eliminate double marginalization and generate efficiencies, theory predicts that vertical integration in multiproduct industries may cause price changes that hurt consumers even in the absence of market foreclosure. We measure...

We use a regression discontinuity design to estimate the causal effect of election to political office on natural lifespan. In contrast to previous findings of shortened lifespan among US presidents and other heads of state, we find that US governors and other political office holders live over...