I construct an efficient game of competition for insurance markets with adverse selection. In the game, each company offers two menus of contracts: a public menu and a private menu. The union of all the public menus needs to be offered by every active company in the market. A private menu...

This paper studies a two-stage R&D race, in which, at the outset, firms are uncertain regarding the viability of the project. Learning through experimentation introduces a bilateral (dynamic) feedback mechanism. For relatively low-value products, the equilibrium cutoff belief coincides with the...

This paper studies general markets with adverse selection in which symmetric firms supply (potentially multiple) products to privately-informed consumers and compete with price schedules. I show that a basic price cap regulation, in which the price caps are endogenously determined by firms,...