In some countries, including France, patients can choose between consulting a physician working in the regulated sector where, in general, fees are fully covered by health insurance (whether public, private or mixed), or a physician working in the unregulated sector, where a balance billing...

Many observers argue that one of the major causes of the 2007-2009 financial turmoil was the abnormal accumulation of risk by banks. This paper provides a signaling explanation for this "risk race." If banks' returns can be observed while risk cannot, less efficient banks can hide their type by...