Executive Takeaways
■ Espionage and role of standards in the implementation of trusted trader program considered. ■ Government underspends on espionage relative to the congestion-minimizing level. ■ Membership size depends non-monotonically on each of these policies. ■ Highly motivated terrorists will smuggle deadlier weapons less often. ■ An increase in the opportunity cost of time can enhance social welfare in certain situations.
Jomon A. Paul, Professor of Quantitative Analysis Aniruddha Bagchi, Professor of Economics
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