Darius N Lakdawalla1, Charles E Phelps2. 1. Quintiles Professor of Pharmaceutical Development and Regulatory Innovation, School of Pharmacy, Price School of Public Policy,Leonard D. Schaeffer Center for Health Policy and Economics, University of Southern California, Los Angeles, CA. 635 Downey Way, VPD414K, Los Angeles, CA 90089-3333, USA; National Bureau of Economic Research, Cambridge, MA, USA. Electronic address: dlakdawa@usc.edu. 2. University Professor and Provost Emeritus, University of Rochester, Rochester, NY, 30250 South Highway One, Gualala, CA 95445, USA.