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11.
Motivated by recent empirical findings on the relationship between new clinical evidence and the effectiveness of detailing,
this paper develops a new structural model of detailing and prescribing decisions under the environment where both manufacturers
and physicians are uncertain about drug qualities. Our model assumes (1) a representative opinion leader is responsible for
updating the prior belief about the quality of drugs via consumption experiences and clinical trial outcomes, and (2) manufacturers
use detailing as a means to build/maintain the measure of physicians who are informed of the current information sets. Unlike
previous learning models with informative detailing, our model directly links the effectiveness of detailing to the current
information sets and the measures of well-informed physicians. To illustrate the empirical implications of the new model,
we estimate our model using a product level panel data on sales volume, prices, detailing minutes, and clinical trial outcomes
for ACE-inhibitors with diuretics in Canada. Using our estimates, we demonstrate how the effectiveness of detailing depends
on the information sets and the measures of well-informed physicians. Furthermore, we conduct a policy experiment to examine
how a public awareness campaign, which encourages physicians/patients to report their drug experiences, would affect managerial
incentives to detail. The results demonstrate that the empirical and managerial implications of our model can be very different
from those of previous models. We argue that our results point out the importance of developing a structural model that captures
the mechanism of how detailing/advertising conveys information in the market under study. 相似文献
12.
Book Reviews in This Article: Seeds of Plenty, Seeds of Want: Social and. Economic. Implications of the Green Revolution by Andrew Pearse China's Transition to Industrialism: Producer Goods and Economic Development in the Twentieth Century by Thomas G. Rawski 相似文献
13.
Environmental and Resource Economics - This paper examines differences in attitudes towards electricity fee plans when information is provided on electricity bills based on past electricity... 相似文献