This study tests whether the Hirshleifer–Riley (HR) model predicts the values of information sources for a future hospital admission. The main testable prediction of that model concerns the values of information sources for those who intend to choose the same hospital again and those who...

We take on two subjects of controversy among economists—advertising and trademarks—in the context of the market for generic drugs. We outline a model in which trademarks for drug names reduce search costs but increase product differentiation. In this particular framework, trademarks may not...

The use of “radar charts” is an increasingly popular way to present spatial data in a visually interesting format. Some authors recommend using “filled radar charts” to compare the performance of observational units. Filled radar charts are not appropriate for such comparisons because...

Health insurance markets in the United States are characterized by imperfect information, complex products, and substantial search frictions. Insurance agents and brokers play a significant role in helping employers navigate these problems. However, little is known about the relation between the...

This paper analyzes the welfare economics of three arrangements for purchasing health insurance: competitive markets in which consumers are free to choose among options with different levels of coverage and prices; systems with compulsory partial pooling which permit private firms to sell...