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The Economics of Breakdowns, Checkups, and Cures

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Date
1995
Author
Taylor, Curtis R
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Abstract
A market in which the owner of a durable good, X, contracts with an expert for diagnostic and treatment services is studied. Good X may be in one of three states: health, disease, or failure. Only experts can determine whether X is healthy or diseased and perform treatment. The owner cannot tell whether recommended treatment is really needed. This creates an information-based demand for health insurance by risk-neutral consumers. Imperfections in the market for spot insurance may give rise to free diagnostic checks, strategic procrastination, and long-term health maintenance agreements. Copyright 1995 by University of Chicago Press.
Type
Journal article
Subject
Breakdowns
Checkups
Cures
Permalink
https://hdl.handle.net/10161/1989
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Scholars@Duke

Taylor

Curtis R. Taylor

Professor of Economics
Taylor's primary research interest  is microeconomic theory with emphasis on the areas of Industrial Organization, Political Economy, and the Theory of Contracts.  He has worked on a variety of topics such as: the optimal design of research contests, the causes and timing of market crashes, and consumer privacy. Professor Taylor's research has been supported by grants from the National Science Foundation, the U.S. Department of  Agriculture, and the Texas Higher Education Coordinating Board, am
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