PEC: Kris Ramsay

Thu, Oct 18, 2018, 12:15 pm

Why are black markets more prone to violence than their licit counterparts? Sellers in black markets face two problems largely absent from licit markets. First, they have no legal recourse if their product is forcibly stolen from them. Second, attempts at exchange may be punished by the authorities. In a simple model of monopolistic pricing, we show these forces interact to produce increased theft as prohibition enforcement increases. More broadly, we build a typology of exchange under anarchy, generalizing the standard model of monopoly under incomplete information (Maskin and Riley 1984) to settings featuring prohibition and theft.

Upcoming

PEW: Alessandra Casella

Mon, Feb 11, 2019, 4:30 pm
Location: 127 Corwin Hall

PEW: Edward Glaeser

Mon, Feb 25, 2019, 4:30 pm
Location: 127 Corwin Hall

PEW: Monica Martinez-Bravo

Mon, Mar 4, 2019, 4:30 pm
Location: 127 Corwin Hall

PEW: Juan Ortner

Mon, Mar 11, 2019, 4:30 pm
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Princeton/Warwick/Utah Political Economy Conference 2019

Sat, Mar 23, 2019 (All day) to Sun, Mar 24, 2019 (All day)

PEW: Gilat Levy

Mon, Mar 25, 2019, 4:30 pm
Location: 127 Corwin Hall

PEW: Guido Tabellni

Mon, Apr 8, 2019, 4:30 pm
Location: 127 Corwin Hall

PEW: Dorothy Kronick

Mon, Apr 15, 2019, 4:30 pm

PEW: Tim Besley

Tue, Apr 16, 2019, 4:30 pm

PEW: Melissa Dell

Mon, Apr 22, 2019, 4:30 pm
Location: 127 Corwin Hall