David Sappington received his Ph.D. from Princeton University in 1980. He now holds the Lanzillotti-McKethan Eminent Scholar Chair in the Department of Economics. Before joining the Department in 1990, Professor Sappington served on the technical staff of Bell Communications Research and on the faculties of the University of Pennsylvania and the University of Michigan. He has also served as the Chief Economist at the U.S. Federal Communications Commission. Professor Sappington’s research is focused on the design of regulatory policy in the telecommunications and health care industries. He has published widely on these subjects, and has advised a variety of firms and regulatory bodies. Professor Sappington currently serves on the editorial boards of several journals, including the Rand Journal of Economics, the Journal of Regulatory Economics, and theJournal of Economics and Management Strategy.