We study age-rating restrictions in the health insurance marketplaces introduced by the Affordable Care Act. Because most buyers are subsidized, although age-rating restrictions affect pre-subsidy premiums, participation is primarily driven by subsidy generosity rather than pricing decisions....

The recent nation-wide health reform --- Patient Protection and Affordable Care Act, or simply ACA --- drastically altered the functioning of the health insurance industry in the US, opening many questions about how the system should be designed and regulated. While previous literature largely...