QUANTIFYING THE IMPACTS OF LIMITED SUPPLY: THE CASE OF NURSING HOMES
提出一种新估计方法，用于分析养老院市场中的超额需求和未观测质量。以1999年威斯康星州养老院为例，发现近20%符合条件的医疗补助老人被拒之门外，但满足所有需求带来的福利净收益可能很小，因为福利增加会被医疗补助支出增长抵消。
This article develops a new estimation method that accounts for excess demand and the unobserved component of product quality. We apply our method to study the Wisconsin nursing home market in 1999 and find that nearly 20% of elderly qualified for Medicaid were rationed out. However, our counterfactual experiment shows that the net welfare gain of fulfilling all nursing home demands may be small, because the welfare gain could be largely offset by the increase in Medicaid expenditures. We also find that a 1% increase in quality would crowd out 3.2% Medicaid patients in binding nursing homes.