Pre-commercial procurement (PCP) is a competitive multiple-sourcing procedure for procuring research and development services. It involves different suppliers competing in parallel through different phases of development. The risks and benefits are shared between the procurers and the suppliers...

Pre-commercial procurement (PCP) is a competitive multiple-sourcing procedure for procuring research and development services. It involves different suppliers competing in parallel through different phases of development. The risks and benefits are shared between the procurers and the suppliers...

The efficiency of publicly-subsidized, privately-provisioned social insurance programs depends on the interaction between strategic insurers and the subsidy mechanism. We study this interaction in the context of Medicare's prescription drug coverage program. We find that the observed mechanism...

This research analyses through the use of instrumental variables estimation whether democracy has an effect on variables belonging to three different categories: fiscal policy, inequality in income distribution and political instability. It shows there is no stable relation between democracy and...

Objectives: Medicare Part D is the voluntary program that provides insurance for prescription drugs to 37 million US elderly. This form of public insurance is delivered exclusively through a choice-based private insurance market, where Medicare pays various types of subsidies. The objective of...

This paper presents evidence on the perverse trade-off that first price auctions induce between low prices at the awarding stage and poor ex post performance when bids are not binding commitments. By exploiting the different timing with which first price auctions were introduced in Italy to...