This paper discusses some of the problems associated with the efficient economic design of markets for catastrophe insurance and the regulation of private companies offering such insurance. The paper first considers the elements of the problem, on both the demand and supply side. On the demand side, we point to well-known difficulties of consumers and small businesses to evaluate the benefits o...

This modelling project examines the short-run effects of a program wherein the United States becomes the primary buyer of opium produced in Afghanistan and thereby reduces the global supply of heroin (refined opium). This research demonstrates that supply-side intervention will result in a large decrease in short-run world heroin supply, as well as many beneficial side effects. The U.S. heroin ...

We examine the supply-side determinants of debt covenants included in loan agreements. Controlling for borrower characteristics, we find evidence that lead arranger banks include new contracts persist into future at least three years. document this covenant style effect is smaller when borrowers have recently violated a or issue amount large, and it larger costs contracting are highest provides...