Behavioral economists accept many of the premises of traditional economic thought: that situational outcomes are the result of individual decisions, taking place in a particular economic environment. But behavioral economists go a step further, arguing that the human action is shaped not only by...

In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that...