• Publications
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Asymmetric information in health insurance: evidence from the National Medical Expenditure Survey.
Adverse selection is perceived to be a major source of market failure in insurance markets. There is little empirical evidence on the extent of the problem. We estimate a structural model of healthExpand
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Interfering with Secondary Markets
We present a model to address in a unified manner four ways in which a monopolist can interfere with secondary markets. In the model, consumers have heterogeneous valuations for quality so thatExpand
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Sales and Consumer Inventory
Temporary price reductions (sales) are quite common for many goods and usually result in an increase in the quantity sold. We explore whether the data support the hypothesis that these increases are,Expand
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Adverse Selection in Durable Goods Markets
An undesirable feature of Akerlof style models of adverse selection is that ownership of" used cars is independent of preferences and is therefore ad hoc. We present a dynamic model" thatExpand
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Estimating Multiple-Discrete Choice Models: An Application to Computeri-Zzation Returns
This paper develops a multiple-discrete choice model for the analysis of demand of differentiated products. Users maximize profits by choosing the number of units of each brand they purchase.Expand
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The ready-to-eat cereal industry is characterized by high concentration, high price-cost margins, large advertising-to-sales ratios, and numerous introductions of new products. Previous researchersExpand
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The Role of Commitment in Dynamic Contracts: Evidence from Life Insurance
We look at the life insurance industry to study the properties of long term contracts in a world where consumers cannot commit to a contract. The main issue is how contracts are designed to deal withExpand
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Measuring the Implications of Sales and Consumer Stockpiling Behavior
Temporary price reductions (sales) are common for many goods and naturally result in large increases in the quantity sold. In previous work we found that the data support the hypothesis that theseExpand
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Equilibria in Health Exchanges: Adverse Selection versus Reclassification Risk
This paper studies regulated health insurance markets known as exchanges, motivated by their inclusion in the Affordable Care Act (ACA). We use detailed health plan choice and utilization data toExpand
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The Role of Leasing under Adverse Selection
Leasing contracts are extensively used in durable goods markets. These contracts specify a rental rate and an option price at which the used good can be bought on termination of the lease. ThisExpand
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