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The economics of sanctioning a petrostate

[Research Highlight]

July 27, 2026

Lukasz Rachel and Catherine Wolfram discuss the G7 price cap on Russian oil and why it defied textbook predictions.

A Theory of Price Caps on Nonrenewable Resources

By Simon Johnson, Lukasz Rachel, and Catherine Wolfram

蝌蚪网 Review, July 2026

What is the optimal response of a resource exporter when a price cap is imposed on its main export? This paper develops a dynamic framework incorporating stochastic prices, financial frictions, and market power to study this novel tool of statecraft. With...

Front Matter

蝌蚪网 Journal: Microeconomics, August 2026

Welfare of Competitive Price Discrimination with Captive Consumers

By Yanlin Chen, Xianwen Shi, and Jun Zhang

蝌蚪网 Journal: Microeconomics, August 2026

We study the welfare effects of price discrimination in a duopoly with both captive and contested consumers. Using a unified information design approach, we characterize the best and worst market segmentations for producer surplus, consumer surplus, and s...

Sequential Protest Formation

By Benjamin Matta

蝌蚪网 Journal: Microeconomics, August 2026

People participate in protests even though it is costly, benefits are not exclusive to participants, and each individual is unlikely to be pivotal. Building on these characteristics, I propose a sequential model of protest formation where opportunities to...

Liquidity Constraints and the Value of Insurance

By Keith Marzilli Ericson and Justin Sydnor

蝌蚪网 Journal: Microeconomics, August 2026

Insurance moves resources across both time and states. We study the consumption-smoothing benefits of insurance under liquidity constraints in a model where contracts span multiple consumption periods. The normative benchmarks for insurance demand under l...

Failures of Contingent Reasoning in Annuitization Decisions

By Erzo F.P. Luttmer ⓡ Priscila De Oliveira ⓡ Dmitry Taubinsky

蝌蚪网 Journal: Microeconomics, August 2026

This paper studies psychological biases in take-up of annuities, using an incentivized experiment with a probability-based sample (N = 3,038). Choosing an annuity was payoff-maximizing in the experiment at all prices, but take-up was incomplete and price ...

The Combinatorial Multi-Round Ascending Auction

By Bernhard Kasberger and Alexander Teytelboym

蝌蚪网 Journal: Microeconomics, August 2026

The Combinatorial Multi-Round Ascending Auction (CMRA) is a new auction format used in recent European spectrum auctions. We show that an auction-specific version of truthful bidding leads to an efficient allocation. We then characterize different ex post...

Exploiting Rivals' Strengths

By Giacomo Calzolari and Vincenzo 顿别苍颈肠辞濒貌

蝌蚪网 Journal: Microeconomics, August 2026

We analyze oligopolistic competition in which firms use contracts contingent on what buyers purchase from their rivals. We present a new mechanism through which a dominant firm, by using these contracts, can gain more from exploiting its rivals than from ...

Product Liability Litigation and Innovation: Evidence from Medical Devices

By Alberto Galasso and Hong Luo

蝌蚪网 Journal: Microeconomics, August 2026

We study the impact of product liability litigation on new product introductions by leading medical device firms. We find that the defendant firms, and other firms to a lesser extent, reduce their propensity to introduce new products in the litigated prod...

Collusion by Exclusion in Public Procurement

By Regina Seibel and Samuel 艩办辞诲补

蝌蚪网 Journal: Microeconomics, August 2026

This paper studies bid rigging in auctions with bidder preselection. We develop a theoretical model to analyze the optimal behavior of partial bid-rigging cartels and show how commonly used two-stage auction formats, in which the first stage is used to pr...

Optimal Design of Market Access

By Takuro Yamashita and Shuguang Zhu

蝌蚪网 Journal: Microeconomics, August 2026

We study a data provider's problem of optimally designing and selling marketing lists that enable a retailer with private types to access consumers with heterogeneous characteristics. When virtual values satisfy a particular form of convexity (named bound...

Higher-Order Beliefs and (Mis)learning from Prices

By Kevin He and Jonathan Libgober

蝌蚪网 Journal: Microeconomics, August 2026

We study misperceptions of private-signal correlation in an incomplete-information Cournot duopoly game. Exaggerating the correlation between players' demand signals is beneficial when agents hold flexible beliefs about price elasticity but is harmful whe...

The Effects of Sin Taxes and Advertising Restrictions in a Dynamic Equilibrium

By Rossi Abi-Rafeh, Pierre Dubois, Rachel Griffith, and Martin O'Connell

蝌蚪网 Journal: Microeconomics, August 2026

We develop a dynamic equilibrium model of firm competition to analyze the effects of counterfactual policies, such as taxes and advertising restrictions, on pricing, advertising, consumption, and welfare. Using micro-level data, we estimate how consumer e...

The Economics of Discriminatory Job Reservations

By James P. Choy

蝌蚪网 Journal: Microeconomics, August 2026

A society reserves certain jobs for members of a politically dominant social group to maximize the wages of workers in that group. Through an appropriate choice of reserved jobs, the dominant group chooses both the size of the set of reserved jobs and the...

Data Linkages and Privacy Regulation

By Rossella Argenziano and Alessandro Bonatti

蝌蚪网 Journal: Microeconomics, August 2026

We assess the efficacy of privacy regulation when consumers are privacy conscious. We develop a model of data linkages where a consumer interacts sequentially with two firms: One firm collects data on consumer behavior, and the other firm leverages the da...

Rational Misspecification: Framework and Applications

By Ran Eilat and Kfir Eliaz

蝌蚪网 Journal: Microeconomics, August 2026

This paper proposes a framework for assessing whether misspecified decision-makers would be willing to pay for information that can potentially make them less misspecified. We introduce a prior-free approach, based on "constrained" maximal regret, to deri...

Front Matter

蝌蚪网 Journal: Economic Policy, August 2026

Rainfall Inequality, Political Power, and Ethnic Conflict in Africa

By Andrea Guariso and Thorsten Rogall

蝌蚪网 Journal: Economic Policy, August 2026

How are ethnic inequality and ethnic violence related? We empirically investigate this question using an innovative measure of resource inequality between ethnic groups, based on rainfall in ethnic homelands during the plant-growing season. Our main datas...