; second, they are endogenous to preferences. Both factors lead to biased estimates in a static demand framework that takes …

other products by an unusually low elasticity of demand with respect to product failure. While consumers in other markets … potential cures accumulated over time. Because no one was ever cured and consumers possessed a highly inelastic demand with … respect to product failures, demand was unrelenting. In short, patent medicines flourished not despite their dubious medicinal …