From the beginning of modern microcredit, its most controversial dimension has been the interest rates charged by micro lenders, often referred to as microfinance institutions (MFIs). These rates are higher, often much higher, than normal bank rates, mainly because it inevitably costs more to...

This paper builds on a growing body of literature analyzing the economic effects of the so-called Master Settlement Agreement (MSA) between the “big four” tobacco companies and the State Attorneys General. Because the marginal cost imposed by the settlement is a function of the market sales...