From the Cover

Health & Medicine

Smoking “Internalities”

Given smokers’ future preferences, lawmakers should raise cigarette taxes.

The New Cigarette Paternalism

There are better ways to address smoking than ever‐​increasing cigarette taxes.

My Future Self and I

Does my future self want to tax my cigarettes?

Less Hazardous Smokes?

According to the Institute of Medicine, health policy can do more than counsel to discourage smoking; it can promote the use of low-risk tobacco products for smokers unwilling or unable to quit.



How the Packers Lost Out

By eschewing market-based prices for PSLs and instead accepting public financing for stadiums, teams are missing a remarkable revenue opportunity.

Public Lands

Money to Burn?

Will the Bush administration’s new forest management philosophy diminish the dangers of fire or just increase the Forest Service’s budget?

Health & Medicine

Drug Research and Price Controls

What would happen if the United States adopted other countries’ drug price regulations?


Determining the Price of Price‐​Anderson

What is the cost of federal liability protection for nuclear power?


The Paralyzing Principle

Does the Precautionary Principle point us in any helpful direction?

Securities & Investment

The SEC’s Other Problem

It is time to open the bond rating industry to new entrants.


A Role for Government?

Should the government provide terrorism insurance over the short or long term?