Skip to main content
AN NBER PUBLICATION ISSUE: No. 10, October 2002

The Digest

A free monthly publication featuring non-technical summaries of research on topics of broad public interest
On net, the minimum standards are associated with an overall decrease in insurance coverage and thus an increase in individuals' exposure to out-of-pocket medical expenses. Minimum government standards on private medical insurance for the elderly have led to lower coverage than would have been the case in the absence of regulation, according to new research from the NBER. In Minimum Standards and Insurance Regulation: Evidence from the Medigap Market, (NBER Working...

Research Summaries

Article
An effective staggered board nearly doubles the likelihood of remaining independent, from 34 percent to 61 percent. Staggered boards are an important part of the modern U.S. corporate landscape and are currently used by most large U.S. public companies. In The Powerful Anti-takeover Force of Staggered Boards: Theory, Evidence, and Policy (NBER Working Paper No. 8974), authors Lucian Bebchuk, John Coates, and Guhan Subramanian study these arrangements. The authors...
Article
Reducing the mean age of drugs used to treat a given condition from 15 years to 5.5 years will increase prescription drug spending per medical condition by $18 for the entire population, but will lower other medical spending by $129. Newer prescription drugs may be more costly than the drugs they replace, but a reduction in the age of drugs - defined as the years since approval by the U.S. Food and Drug Administration - decreases other expenditures for the entire...
Article
The decline in the ratio of public pay to private pay makes it more difficult for public universities to hire and retain top faculty. In the 1970s, projections of future university faculty shortages surfaced. Intrigued, scholars researched supply and demand of PhDs; however, the supply studies failed to address issues such as retirement behavior of faculty, academic versus non-academic employment, and time factors to complete PhD programs. And the demand studies...
Article
The number of people living in extreme poverty declined dramatically, from 430 million people in 1970 to 52 million in 1998. The fierce debates over economic globalization have focused recently on global poverty and income inequality. Academics, journalists, and multilateral organizations of all stripes have weighed in on this matter, and a general consensus seems to have formed around the proposition that poverty and inequality are on the rise. But NBER Faculty...
Article
The most expensive pieces of contemporary art sold at auction tend to under perform lower-valued paintings by about 5 percent per year. In Art Auctions: A Survey of Empirical Studies (NBER Working Paper No. 8997), NBER Research Associate Orley Ashenfelter and co-author Kathryn Graddy review what is known about how the art auction system actually works and discuss whether art makes a good investment. They assess the accuracy of expert estimates of value, examine the...

NBER periodicals and newsletters are not copyrighted and may be reproduced freely with appropriate attribution.

See the Latest NBER Research
New Working Papers This Week