Explore the differences between moral and morale hazards, and their impact on insurance behavior and policy design.

During one of the Presidential TV debates, Representative Ron Paul was asked whether a person who does not choose to purchase health insurance coverage should later be refused medical treatment if ...

Written by Peter H. Swan, Ph.D. The railroad industry is in crisis. Many people outside and inside the industry are quick to blame its current state on Precision Scheduled Railroading (PSR) and Wall ...

The fallout from Silicon Valley Bank’s failure has revived some of those financial crisis buzzwords we really, really hoped we wouldn’t have to say again. “Bailout,” “emergency lending facility” and ...

For more than a quarter-century, policymakers worldwide have puzzled over how to deal with climate change. If nothing else, these negotiations have served as a productive greenhouse environment for ...

To date we have taken apart the firm and examined where institutions offer no advantage over bargaining by individuals, or relying on the price mechanism. We have seen two early explanations for ...

This was a particularly egregious example of the currently fashionable economics term "moral hazard"—the idea that a person should pay for their voluntary bad decisions, whether it be failing to ...

To date we have taken apart the firm and examined where institutions offer no advantage over bargaining by individuals, or relying on the price mechanism. We have seen two early explanations for ...

Why would a big bank with so much at stake not care about the risks that they were taking? Well, at that point, they'd all been bailed out. I mean, my feeling at that point was, well, of course they ...