Don’t it always seem to gothat you don’t know what you’ve got‘til it’s gone . . . . Joni Mitchell Currently used to clear supply and demand in all short-term auction energy markets, uniform or single-clearing in the form of location-based marginal cost pricing is the most economically efficient way to deliver least-cost energy to […]

This Article discusses a topical legal issue in the areas of securities, corporate, and administrative law: an ongoing controversy regarding the SEC’s broker-dealer quoting rule, Rule 15c2-11 under the Securities Exchange Act of 1934. For the past fifty years, the rule has been understood to apply only to equity securities (primarily, penny stocks). But more […]

This Article presents original results from a large-scale study of environmental violations. I use the universe of civil Clean Air Act environmental violations by stationary emitters of pollution to test the effectiveness of EPA enforcement. Using conservative assumptions, I find that in 36% of cases, it is profitable for firms to violate the Clean Air […]