In new research, Pranjal Drall and Andrew Granato argue that the move of private equity firms into life insurance has increased the probability that insurers will go insolvent. If they do, under an obscure system of insurance guaranty funds, the losses will spread out beyond the insolvent insurer’s creditors to other insurers and, ultimately, taxpayers. 

Matthew Lucky reviews The Everywhere Millionaire: Who Is Really Rich in America and How They Got There by Owen Zidar and Eric Zwick, now out at Henry Holt and Co.

The Stigler Center is putting out a call for papers for its 2027 annual conference. The theme of this year's conference will be the...

In new research, Andrey Simonov, Daniil Mikhailov, Ruben Enikolopov, and Ruben Durante estimate that when a 2016 law pushed Russia’s leading news aggregator Yandex to reduce its references to independent outlets, readers kept following its recommended news stories as before, reducing traffic to the excluded outlets. In response, excluded outlets changed the news they produced.

In new research, Yulia Chikish, Gregory J. Colman, Dhaval M. Dave, Brad R. Humphreys, Zachary Santamaria, and Zachary Winship find that New York City congestion pricing has reduced emergency medical services response times.

Artificial intelligence agents are beginning to interact in ways that create risks beyond individual misalignment with corporate and social expectations. As happened with global finance after the 2007 crisis, AI governance needs to begin focusing on how good agents can still produce bad systems.