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...

This paper addresses the following question: Why do consumers demand guaranteed renewability in health insurance? The answer to this question has important implications for the ability of competitive health insurance markets to provide affordable health insurance for people with chronic illness....