The extent of voluntary cooperation in the presence of externalities is shown as an equilib- rium outcome in the supply and demand framework. The analysis uses familiar ingredients to provide a new way of understanding the results of the extensive literature beginning...
This paper revisits Peltzman (1973) in light of two recent opportunities to quantitatively assess tradeoffs in drug regulation. First, reduced regulatory barriers to drug manufacturing associated with the 2017 reauthorization of Generic Drug User Fee Amendments were...
Consumer theory is extended to incorporate deviations from the law of one price that are common in markets for prescription and illicitly-manufactured opioids. The extension helps to resolve “puzzling” findings in the literature, such as race and age gaps in mortality...
