We construct a stochastic model of illness, death and treatment choice to analyze two proposals -- legally-binding advance directives and insurer-paid compensation schemes -- to reduce the incidence of aggressive and possibly futile end-of-life treatment. We assess whether, in a competitive...

Private information induces individuals to self-select as subjects into clinical research trials, and it induces researchers to select which trials they conduct. We show that selection can induce ex ante therapeutic misconception and ex post disappointment among research subjects; and it...

EVERY GRADUATE OF PRINCIPLES OF ECONOMICS LEARNS THAT supply curves slope upwards. But most of them quickly forget the assumptions that make this so. Some may recall that a perfectly competitive market of identical firms yields a horizontal long-run supply curve. Others may recall that...