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Complexity Digest 2005.26 - 01.03
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27-Jun-2005

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Uncertainty And Learning In Pharmaceutical Demand, Econometrica
 









Excerpt: Exploiting a rich panel data set on anti-ulcer drug prescriptions, we
measure the effects of uncertainty and learning in the demand for pharmaceutical
drugs. We estimate a dynamic matching model of demand under uncertainty in which
patients learn from prescription experience about the effectiveness of
alternative drugs. Unlike previous models, we allow drugs to have distinct
symptomatic and curative effects, and endogenize treatment length by allowing
drug choices to affect patients' underlying probability of recovery. We find
that drugs' rankings along these dimensions differ, with high symptomatic
effects for drugs with the highest market shares (...)
Source: Uncertainty And Learning In Pharmaceutical Demand[
http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0262.2005.00612.x ], G.
S. Crawford - crawfordeller.arizona.edu, M. Shum, DOI:
10.1111/j.1468-0262.2005.00612.x, Econometrica, Jul. 2005, online 2005/05/03
Contributed by Pritha Das - prithadas01yahoo.com

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