Ivan Png is Kwan Im Thong Hood Cho Temple Professor and Professor of Business Policy and Economics at the National University of Singapore. Previously, he was a faculty member at the John E. Anderson School, UCLA (1985–96) and the Hong Kong University of Science & Technology (1993–6). He served as a nominated MP (10th Parliament of Singapore, 2nd session, 2005–6). His research has been published in the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Management Science, and elsewhere. He is author of Managerial Economics, Third Edition (Blackwell Publishing, 2007) with Dale Lehman. Joy Cheng is Manager of Economic Analysis Associates LLP. She was General Counsel, National University of Singapore, prior to which she was Consultant to the Securities and Futures Commission, Hong Kong, and Vice President and Assistant General Counsel, JP Morgan.