predictions using individual-level data from Medicare, which in 2004 began risk-adjusting payments to private Medicare Advantage …Governments often contract with private firms to provide public services such as health care and education. To decrease … firms' incentives to selectively enroll low-cost individuals, governments frequently "risk-adjust" payments to firms based …

discussed, along with premium support, enrollment mandates, guaranteed issue, and risk adjustment, as remedies for selection … 2010. Enrollment mandates, premium subsidies, and risk adjustment can improve the stability and relative efficiency of the …

We analyze the contractual relation between workers and their employers when there is nominal risk. The key feature of … eliminate all nominal risk for the parties (by fully indexing the terms of the contracts to the price level) but they would be … re-negotiated. Foreseeing this, the parties to the contract will write one that is renegotiation-proof. Under such a …

This paper provides an empirical investigation into the relationship between ex ante U.S. labor contract durations and … uncertainty. The results not only corroborate previous findings of an inverse relationship between contract duration and inflation …

landowners that their land is at risk for expropriation. Utilizing data across all counties in Brazil, we found that land …

We provide evidence on how two important types of institutions -- dismissal barriers, and bonus pay -- affect contract … negative incentive and efficiency effects of dismissal barriers. Nevertheless, contract enforcement behavior remains … market outcomes are the result of a complex interplay between contract enforcement policies and the institutions in which …

procedures. A noisy signal, however, means that the optimal contract will involve terms that courts might view as punitive and so …