The recent success of file-sharing technologies such as Napster has highlighted the economic question of whether copying increases or decreases the market value of copyrighted works. Contrary to Michele Boldrin and David K. Levine (2002), we show that Napster-type services are likely to reduce...

The last forty years have witnessed a remarkable boom in higher education around the world. Importantly, the boom in higher education has been concentrated among women, such that today in most higher-income countries, and many lower-income countries, more women than men attend and complete...

An incentive problem exists in franchise relationships because of the failure of franchisees to take account of franchisor profit. Franchise contracts ameliorate this malincentive not by specifying a proxy for desired franchisee performance, but by creating a premium stream that facilitates a...