Justine Hastings

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There is an increasing movement to give workers greater control over pensions, allowing them to personally manage their retirement investments. The recent trend away from pay-as-you-go social security programs towards fully-funded, individual-account systems is a prominent example. Competition and privatization are often touted as potential cures for the(More)
Consumers need information to compare alternatives for markets to function efficiently. Recognizingthis, publicpolicies oftenpaircompetitionwitheasyaccess tocomparative information. The implicit assumption is that comparison friction— thewedgebetweentheavailabilityof comparativeinformationandconsumers’ use of it—is inconsequential becausewheninformationis(More)
In recent years a number of U.S. states have imposed sales-below-cost (SBC) laws directed at motor fuel markets. We use panel data over the 1983-2002 period to evaluate the effects of newly imposed motor fuel SBC laws on retail and wholesale gasoline prices, their mark-up, and the structure of motor fuel markets. A unique feature of our analysis is that we(More)
Some gasoline markets exhibit remarkable price cycles, where price spikes are followed by a series of small price declines: a pattern consistent with a model of Edgeworth cycles described by Maskin and Tirole. We extend the model and empirically test its predictions with a new dataset of daily station-level prices in 115 US cities. Consistent with the(More)
Online appendix figure I shows the dynamics of the effect of a change in the price of regular gasoline on the share of gasoline that is regular grade. The plot shows that a permanent increase in the regular price would increase the share of regular gasoline for at least six months. Online appendix figure II shows the distribution across households of the(More)
In this paper we explore the possibility that individuals may select insurance coverage in part based on their anticipated behavioral response to the insurance contract. Such "selection on moral hazard" can have important implications for attempts to combat either selection or moral hazard. We explore these issues using individual-level panel data from a(More)
What's New for the Bank in this Strategy? C It focuses on the problem of rural poverty from a broader perspective, including other sectors in addition to agriculture (such as the social sectors, rural finance and basic infrastructure, and natural resource management), while recognizing the heterogeneity of rural poverty and promoting policies and(More)
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