Working Papers

Soaking Up the Sun: Battery Investment, Renewable Energy, and Market Equilibrium (with Andrew Butters and Jackson Dorsey) June 2024 Slides (Second round revised and resubmitted to Econometrica)

Policy Uncertainty in the Market for Coal Electricity: The Case of Air Toxics Standards (with Ashley Langer and Wendan Zhang) May 2024 (Revised and resubmitted to Journal of Political Economy)

How Do Hospitals Respond to Payment Incentives? (with Keith A. Joiner and Jianjing Lin) June 2024 [Slides

Energy Transitions in Regulated Markets (with Ashley Langer and Mar Reguant) January 2024 [Slides] (Revise and resubmit at American Economic Review)

A Computable Dynamic Oligopoly Model of Capacity Investment (with Philipp Schmidt-Dengler) April 2024

Reclassification Risk in the Small Group Health Insurance Market (with Sebastian Fleitas and Anthony Lo Sasso) July 2024 [Slides] (Revised and resubmitted to The Review of Economics and Statistics)

A Framework for Empirical Models of Dynamic Demand (with Marc Rysman) July 2020

Published Papers

Physician Practice Style and Healthcare Costs: Evidence from Emergency Departments (with Keith Joiner and Pierre-Thomas Léger) (Management Science 69, 3202-19, 2023)

Incumbent Regulation and Adverse Selection: You Can Keep Your Health Plan, But At What Cost? (with Sebastian Fleitas and Anthony Lo  Sasso) (Journal of Public Economics 205, 104556, 2022)

Countervailing Market Power and Hospital Competition (with Eric Barrette and Robert Town) (The Review of Economics and Statistics) 104, 1351-60, 2022 [Code files]

Escalation of Scrutiny: The Gains From Dynamic Enforcement of Environmental Regulations (with Wesley Blundell and Ashley Langer) (American Economic Review, 110, 2558-85, 2020) [Class assignment based on paper] [Slides]

Salience, Myopia, and Complex Dynamic Incentives: Evidence from Medicare Part D (with Christina M. Dalton and Robert Town) (The Review of Economic Studies, 87, 822-69, 2020) [Link to paper on OUP website] [Slides]

Accounting for Complementarities in Hospital Mergers: Is a Substitute Needed for Current Approaches (with Kathleen Easterbrook, Dina Older Aguilar, and Yufei Wu) (Antitrust Law Journal, 82, 497-531, 2019)

'Nash-in-Nash' Bargaining: A Microfoundation for Applied Work (with Allan Collard-Wexler and Robin Lee) (Journal of Political Economy, 127, 163-95, 2019) [On-line appendix] [Slides]

Can Amputation Save the Hospital? The Impact of the Medicare Rural Hospital Flexibility Program on Demand and Welfare (with Claudio Lucarelli, Philipp Schmidt-Dengler, and Robert Town) (Journal of Health Economics 58, 110-22, 2018)

Intermittency and the Value of Renewable Energy (with Stanley Reynolds and Mario Samano) (Journal of Political Economy 125, 1187-1234, 2016) [Slides]

Mergers When Prices Are Negotiated: Evidence from the Hospital Industry (with Aviv Nevo, and Robert Town) (American Economic Review 175, 172-203, 2015) [Slides]

A Hospital System's Wellness Program Linked To Health Plan Enrollment Cut Hospitalizations But Not Overall Costs (with Karen Norberg, Steven Kymes, Michael Chernew, Dustin Stwalley, Leah Kemper and William Peck) [Abstract] (Health Affairs 32, 477-85, 2013)

Dynamics of Consumer Demand for New Durable Goods (with Marc Rysman) (Journal of Political Economy 120, 1173-1219, 2012) [Slides]

Entry and Pricing in a Differentiated Products Industry: Evidence from the ATM Market (with John Krainer) (RAND Journal of Economics, 42, 1-22, 2011)

The Impact of the Medicare Rural Hospital Flexibility Program on Patient Choice (with Claudio Lucarelli, Philipp Schmidt-Dengler and Robert Town) (International Journal of Industrial Organization 29, 342-344, 2011)

Managed Care, Drug Benefits and Mortality: An Analysis of the Elderly (with Robert J. Town and Eric Barrette) (The B.E. Journal of Economic Analysis and Policy 11: Issue 2 (Advances) Article 3, 2011) [Download from journal]

Learning and the Value of Information: Evidence from Health Plan Report Cards (with Michael Chernew and Dennis Scanlon) (Journal of Econometrics, 144, 156-74, 2008)

Electoral Design and Voter Welfare from the U.S. Senate: Evidence from a Dynamic Selection Model (with Matthew F. Mitchell and Andrea Moro), (Review of Economic Dynamics, 11, 1-17, 2008)

Quantifying Equilibrium Network Externalities in the ACH Banking Industry (with Daniel A. Ackerberg), (RAND Journal of Economics 37, 738-61, 2006)

Quality, Price and Employers' Choice of Health Plan (with Michael Chernew, Catherine McLaughlin and Teresa Gibson), (Journal of Health Economics 23, 471-92, 2004)

Network Externalities and Technology Adoption: Lessons from Electronic Payments (with Joanna Stavins), (RAND Journal of Economics 35, 260-76, 2004)

Mergers and the Evolution of Industry Concentration: Results From the Dominant Firm Model (with Thomas J. Holmes), (RAND Journal of Economics 35, 561-82, 2004) [Download web notes]

Bayesian Inference For Hospital Quality in a Selection Model (with John Geweke and Robert J. Town), (Econometrica 71, 1215-1238, 2003) [Download appendices]

Competition, Payers and Hospital Quality (with Robert J. Town), (Health Services Research 38, 1403-22, 2003)

Payer Type and the Returns to Bypass Surgery: Evidence from Hospital Entry Behavior (with Michael Chernew and A. Mark Fendrick), (Journal of Health Economics 21, 451-474, 2002)

Estimating the Quality of Care in Hospitals Using Instrumental Variables (with Robert J. Town), (Journal of Health Economics 18, 747-67, 1999)

A Dynamic Model of Endogenous Horizontal Mergers (RAND Journal of Economics 30, 56-83, 1999)

Efficient Representation of State Spaces for Some Dynamic Models (Journal of Economic Dynamics and Control 23, 1077-98, 1999)

Dynamic Equilibrium in the Hospital Industry (with Robert J. Town), (Journal of Economics & Management Strategy 6, 45-74, 1997)

Older Working Papers

Productivity, Safety, and Regulation in Underground Coal Mining: Evidence from Disasters and Fatalities (with Charles He, Eric Lutz, and Jefferey L. Burgess) May 2018

Does Health IT Adoption Lead to Better Information or Worse Incentives? (with Keith A. Joiner and Jianjing Lin) November 2016 (Winner of Best Paper Award for the 2016 Workshop on Health IT and Economics)

Does Information Feedback from In-Home Devices Reduce Electricity Use? Evidence from a Field Experiment (with Shahzeen Z. Attari, Troy Simpson, and Sabine M. Marx) December 2014 [Download appendix]

Causality, Learning and Forgetting in Surgery (with Vivian Ho and Robert J. Town) January 2006

My Ph.D. Dissertation from 1995 contains a proof of existence of equilibrium for Ericson-Pakes type models

A Dynamic Analysis of Mergers (Yale University Ph.D. Dissertation - see Ch. 3, p. 183 - 201 for proof of existence) November 1995

The original exposition included did not redefine mean scrap value and the Bellman equation (4.1) given random scrap values (thanks to Uli Doraszelski and Mark Satterthwaite for pointing this out)

Updated version of Ch. 3 of my dissertation (with changes in revision mode - see p. 186, 187, 190 for changes) March 2010

Other Publications

Evaluating the Impact of a Hospital Merger Using the Difference-in-Difference of Prices (Comment on article by Steven Tenn) (Forthcoming, International Journal of the Economics of Business)

Why Do Americans Still Write Checks? (FRBSF Economic Letter 2002-27) September 2002

Productivity in Heart Attack Treatments (FRBSF Economic Letter 2002-20) July 2002

Competition and Regulation in the Airline Industry (FRBSF Economic Letter 2002-01) January 2002

Issues and Prospects for Payment System Deregulation January 1998