Much of the growth in hospital capacity in the United States between World War II and the mid 1970s can be attributed to the Hill-Burton Act of 1946, designed to strengthen the nation's hospital system. Studying the evolution of the hospital industry since, I document evidence of the long-term...

A key feature of Sutton's theory is that industries evolve to distinct market configurations in terms of concentration depending upon whether the markets have a large size, whether the corresponding products are essentially homogeneous, whether they are differentiated by research and development...

In this article we analyse the problem of determining the price for new drugs in a market where a stringent budget constraint on public expenditure exists and we suggest an innovative methodology to set their prices. The market is characterised by asymmetry of information and a high proportion...

We conduct an empirical case study of the U.S. beer industry to analyze the disruptive effects of locally-manufactured, craft brands on market structure, an increasingly common phenomenon in CPG industries typically attributed to the emerging generation of adult Millennial consumers. We document...

We conduct an empirical case study of the U.S. beer industry to analyze the disruptive effects of locally-manufactured, craft brands on market structure, an increasingly common phenomenon in CPG industries typically attributed to the emerging generation of adult Millennial consumers. We document...

This chapter describes the market for pharmaceuticals, which exceeded $500 million in sales in 2010. The industry is also characterized by extensive regulation of almost every activity, from product development through manufacturing and marketing, which we summarize. We next describe the...

This paper investigates one of the largest pharmaceutical markets using a discrete choice model that allows marketing to affect product differentiation. Four main results emerge from an analysis of monthly panel data on antiulcer drugs from 1977 to 1993. Observed drug characteristics became less...