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Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes -- by Atul Gupta, Sabrina T. Howell, Constantine Yannelis, Abhinav Gupta
The past two decades have seen a rapid increase in Private Equity (PE) investment in healthcare, a sector in which intensive government subsidy and market frictions could lead high-powered for-profit incentives to be misaligned with the social goal of affordable, quality care. This paper studies the effects of PE ownership on patient welfare at nursing […]
Biases in Information Selection and Processing: Survey Evidence from the Pandemic -- by Ester Faia, Andreas Fuster, Vincenzo Pezone, Basit Zafar
How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We conduct two survey experiments to shed light on potential biases in belief formation, focusing in particular on […]
Contractual Rigidity and Political Contestability: Revisiting Public Contract Renegotiations -- by Jean Beuve, Marian W. Moszoro, Pablo T. Spiller
We present a model of public procurement in which both contractual flexibility and political tolerance for contractual deviations determine renegotiations. In the model, contractual flexibility allows for adaptation without formal renegotiation while political tolerance for deviations decreases with political competition. We then compare renegotiation rates of procurement contracts in which the procurer is either a […]
Do Required Minimum Distribution 401(k) Rules Matter, and For Whom? Insights from a Lifecycle Model -- by Vanya Horneff, Raimond Maurer, Olivia S. Mitchell
Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the “Required Minimum Distribution” (RMD) regulation, requiring retirees to withdraw a minimum fraction from their retirement accounts or pay excise taxes on withdrawal shortfalls. Our calibrated lifecycle model measures the impact of […]
The Two Faces of Information -- by Gaetano Gaballo, Guillermo Ordoñez
In absence of insurance contracts to share risk, public information is a double-edged sword. On the one hand, it empowers self-insurance as agents better react to shocks, reducing risk. On the other hand, it weakens market-insurance as common knowledge of shocks restricts trading risk. We embody these two faces of information in a single general-equilibrium […]

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