The Internet may significantly reduce search costs by enabling price comparisons on‐line.
This paper provides empirical evidence on how Internet comparison shopping sites affected …

[I] f you observe, people always live forever when there is any annuity to be paid them... An
annuity is a very serious business; it comes over and over every year, and there is no getting …

This paper establishes a causal relation between an individual's decision whether to own
stocks and average stock market participation of the individual's community. We instrument for …

Advancing annuity demand theory, we present sufficient conditions for the optimality of full
annuitization under market completeness which are substantially less restrictive than those …

… welfare gains predicted by economic models (for a review of this literature, see Jeffrey R.
Brown 2007). Studies have explored the role of high prices and asymmetric information, high …

We show that even incomplete public insurance can crowd out private insurance demand. We
estimate that Medicaid could explain the lack of private long-term care insurance for about …

This paper examines household decisions about whether or not to annuitize retirement
resources. A life-cycle model of consumption, implemented with the use of dynamic programming …

Long-term care represents one of the largest uninsured financial risks facing the elderly in
the United States. We present evidence of supply side market failures in the private long-term …

There is increasing evidence that the neurologic system is capable of modulating a wide
range of immunologic responses, including certain inflammatory processes in the lung, …

We test whether executive stock ownership affects firm payouts using the 2003 dividend tax
cut to identify an exogenous change in the after‐tax value of dividends. We find that …