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A Perplexed Economist Confronts 'Too Big to Fail'
(John F. Kennedy School of Government, Harvard University, 2010)
This paper, written for a conference at the Fordham University Law School, examines various facets of the “too big to fail” debate. It notes that in the current context, “too big to fail” may imply systemic risks from large ...
A Critical Review of the “Ladder of Investment” Approach
(Elsevier, 2010)
The “ladder of investment” is a regulatory approach proposed by Cave (2006), which has been widely embraced by national regulatory authorities in the European telecommunications sector. The approach entails providing ...
Responding to Threats of Climate Change Mega-Catastrophes
(John F. Kennedy School of Government, Harvard University, 2010)
There is a low but uncertain probability that climate change could trigger “mega-catastrophes,” severe and at least partly irreversible adverse effects across broad regions. This paper first discusses the state of current ...
Level of Access and Competition in Broadband Markets
(John F. Kennedy School of Government, Harvard University, 2010)
In this paper, we consider an unregulated incumbent who owns a broadband infrastructure and decides on how much access to provide to a potential entrant. The level of access, i.e., the network elements that are shared in ...
The Regulation of Consumer Financial Products: An Introductory Essay with Four Case Studies
(John F. Kennedy School of Government, Harvard University, 2010)
The recent financial crisis has led many to question how well businesses deliver consumer financial services and how well regulatory institutions address problems in consumer financial markets. In response, the Obama ...
The Problem of the Commons: Still Unsettled After 100 Years
(John F. Kennedy School of Government, Harvard University, 2010)
The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the American Economic Review. As the U.S. and other economies ...
Three Key Elements of Post-2012 International Climate Policy Architecture
(John F. Kennedy School of Government, Harvard University, 2010)
We describe three essential elements of an effective post-2012 international global climate policy architecture: a means to ensure that key industrialized and developing nations are involved in differentiated but meaningful ...
The Effect of Allowance Allocations on Cap-and-Trade System Performance
(John F. Kennedy School of Government, Harvard University, 2010)
We examine an implication of the “Coase Theorem” which has had an important impact both on environmental economics and on public policy in the environmental domain. Under certain conditions, the market equilibrium in a ...
Deals Versus Rules: Policy Implementation Uncertainty and Why Firms Hate It
(John F. Kennedy School of Government, Harvard University, 2010)
Firms in Africa report "regulatory and economic policy uncertainty" as a top constraint to their growth. We argue that often firms in Africa do not cope with policy rules, rather they face deals; firm-specific policy actions ...
Abuse of Dominance by High-Technology Enterprises: A Comparison of U.S. and E.C. Approaches
(John F. Kennedy School of Government, Harvard University, 2010)
This paper compares how the United States and the European Community dealt with competition policy challenges by two firms operating at the frontiers of technology: Microsoft and Intel. The U.S. Microsoft case was broadly ...