Why Some Covid-19 Mitigation Strategies Fail

As the Covid-19 pandemic continues to disrupt the global economy, regulators are struggling to find cost-effective mitigation strategies. The goal of such strategies should be simple: Reduce the spread of the virus, while causing the least amount of damage to people’s everyday lives, including economic activity. Yet, the diverse measures taken by governments only seem to have limited success in achieving that goal. Given that current estimates of the economic damage are tens of trillions of dollars, figuring out why some Covid-19 mitigation strategies still fail should be a top priority. In a new paper, we attempt to do exactly … Read more

What Law and Economics Has to Say About Property Rights in Cryptocurrencies

Technological advancements of recent years have given birth to a strange and interesting creature: cryptocurrencies like Bitcoin, Ether, and Facebook’s upcoming Libra. Many of the advantages offered by these tokens stem from their underlying technology – a decentralized ledger, which automatically records any transfer of tokens between individuals, without any involvement from a centralized authority. Transfers can only occur when token holders use their “private key” (comparable to a username and password) to match the token’s “public key” (comparable to an account number), and once they are completed, all transactions are grouped in immutable inter-connected blocks (yielding the technology’s common … Read more