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How Does Risk Selection Respond to Risk Adjustment? Evidence from the Medicare Advantage Program
Brown, Jason - 2011
firms' incentives to selectively enroll low-cost individuals, governments frequently "risk-adjust" payments to firms based … on enrollees' characteristics. We model how risk adjustment affects selection and differential payments---the government … that firms reduce selection along dimensions included in the risk-adjustment formula, while increasing selection along …
Persistent link: https://www.econbiz.de/10013126203
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Do Rare Events Explain Cdx Tranche Spreads?
Seo, Sang Byung - 2016
. As such, these products clearly reflect the market's assessment of rare-event risk. We find that the model can …
Persistent link: https://www.econbiz.de/10012981618
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Funding Scientific Knowledge : Selection, Disclosure and the Public-Private Portfolio
Gans, Joshua S. - 2014
This paper examines argues that while two distinct perspectives characterize the foundations of the public funding of research - filling a selection gap and solving a disclosure problem - in fact both the selection choices of public funders and their criteria for disclosure and commercialization...
Persistent link: https://www.econbiz.de/10013068134
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Soft Budgets and Renegotiations in Public-Private Partnerships
Engel, Eduardo M. R. A. - 2009
Public-private partnerships (PPPs) are increasingly used to provide infrastructure services. Even though PPPs have the potential to increase efficiency and improve resource allocation, contract renegotiations have been pervasive.We show that existing accounting standards allow governments to...
Persistent link: https://www.econbiz.de/10013156676
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When and How to Use Public-Private Partnerships in Infrastructure : Lessons from the International Experience
Engel, Eduardo - 2020
infrastructure. The governance can be improved by the use of contracts with appropriate risk allocation and by avoiding opportunistic …
Persistent link: https://www.econbiz.de/10012841411
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The Basic Public Finance of Public-Private Partnerships
Engel, Eduardo M. R. A. - 2007
efficiency grounds, the contract that optimally balances demand risk, user-fee distortions and the opportunity cost of public … with realistic informational requirements. Finally, the allocation of risk under the optimal contract suggests that PPPs …
Persistent link: https://www.econbiz.de/10012776449
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Highway Franchising and Real Estate Values
Engel, Eduardo M. R. A.; Galetovic, Alexander; Fischer, … - 2021
It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications...
Persistent link: https://www.econbiz.de/10013218705
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Least-Present-Value-Of-Revenue Auctions and Highway Franchising
Engel, Eduardo M. R. A.; Galetovic, Alexander; Fischer, … - 2021
regulator is not allowed to make transfers to the franchise holder that firms are unable to diversify risk completely due to … demand uncertainty and risk aversion parameters typical of developing countries, welfare gains associated with substituting a …
Persistent link: https://www.econbiz.de/10013233733
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Economic Analysis and Infrastructure Investment
Glaeser, Edward L.; Poterba, James M. - 2021
This paper summarizes economic research on investment in public infrastructure and introduces the findings of several new studies on this topic. It begins with a review of several potential justifications for the public sector’s involvement in building, financing, and operating infrastructure,...
Persistent link: https://www.econbiz.de/10013248702
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Bringing Science to Market : Commercializing from NIH Sbir Awards
Link, Albert - 2015
We offer empirical information on the correlates of commercialization activity for research projects funded through the U.S. National Institutes of Health's (NIH's) Small Business Innovation Research (SBIR) award program. Based on this analysis we suggest possible recommendations for improving...
Persistent link: https://www.econbiz.de/10012750210