Sentara Healthcare: A Case Study Series on Disruptive Innovation Within Integrated Health Systems

Examines how integration and ties with health plans, physicians, and hospitals helped protect against revenue volatility and enabled experimentation; factors that facilitate integration; innovative practices; lessons learned; and policy implications

New models for digital government: the role of service brokers in driving innovation

Executive summary Digital Government strategies are being rolled out in many Australian and international jurisdictions, ushering in a fundamentally different approach to the design and delivery of public sector services. Digital Government makes digital services (usually delivered through internet and mobile channels) the default delivery channels for the majority of services, and places them at the centre of innovating, designing and operating government services. Public sector or independent service brokers are increasingly important to delivering and designing these services. Service brokers are organisations or businesses that enable customers to interact with other organisations through easy-to-use and seamless interfaces. In the digital realm, a public sector service brokers example is one that provides a customer-focussed portal, such as the Federal Department of Human Services’ MyGov website. Independent service brokers from the private or community sectors can also provide greater service choice and innovation in how people interact with governments. Models for independent service brokers include Digital Mailboxes and Personal Safeboxes (eg Australia Post); public transport information service brokers (eg TripView, Tripgo and Google Transit), taxation service brokers (eg Xero and MYOB Online), community service brokers (eg HubCare) and access brokers for government services (eg public libraries, online access centres, etc) to assist those unable to access digital services. It is likely that the ambitious goals for large-scale adoption of digital government will only be achieved if governments encourage the involvement of independent service brokers to complement the role of public sector service brokers. However, there is currently little guidance on best practice models for agencies seeking to collaborate with independent service brokers or the other way around. This report addresses this critical knowledge gap by providing a practical guide to the service broker model. It explains the different roles of public sector and independent service brokers and provides case studies of service broker models. This will help to inform digital government strategies and policies to encourage the development of public sector and independent service brokers. It also considers how the emergence of a marketplace of service brokers will raise important issues such as how customer data is managed and protected, identity assured and how research and analysis of the data generated by these digital services can help inform better public policies and service improvement

Impersonal efficiency and the dangers of a fully automated securities exchange

This report identifies impersonal efficiency as a driver of market automation during the past four decades, and speculates about the future problems it might pose. The ideology of impersonal efficiency is rooted in a mistrust of financial intermediaries such as floor brokers and specialists. Impersonal efficiency has guided the development of market automation towards transparency and impersonality, at the expense of human trading floors. The result has been an erosion of the informal norms and human judgment that characterize less anonymous markets. We call impersonal efficiency an ideology because we do not think that impersonal markets are always superior to markets built on social ties. This report traces the historical origins of this ideology, considers the problems it has already created in the recent Flash Crash of 2010, and asks what potential risks it might pose in the future

Trade-throughs in European cross-traded equities after transaction costs – empirical evidence for the EURO STOXX 50

This paper investigates the accuracy and heterogeneity of output growth and inflation forecasts during the current and the four preceding NBER-dated U.S. recessions. We generate forecasts from six different models of the U.S. economy and compare them to professional forecasts from the Federal Reserve’s Greenbook and the Survey of Professional Forecasters (SPF). The model parameters and model forecasts are derived from historical data vintages so as to ensure comparability to historical forecasts by professionals. The mean model forecast comes surprisingly close to the mean SPF and Greenbook forecasts in terms of accuracy even though the models only make use of a small number of data series. Model forecasts compare particularly well to professional forecasts at a horizon of three to four quarters and during recoveries. The extent of forecast heterogeneity is similar for model and professional forecasts but varies substantially over time. Thus, forecast heterogeneity constitutes a potentially important source of economic fluctuations. While the particular reasons for diversity in professional forecasts are not observable, the diversity in model forecasts can be traced to different modeling assumptions, information sets and parameter estimates. JEL Classification: G14, G15, G2

Informational Inequality: How High Frequency Traders Use Premier Access to Information to Prey on Institutional Investors

In recent months, Wall Street has been whipped into a frenzy following the March 31st release of Michael Lewis’ book “Flash Boys.” In the book, Lewis characterizes the stock market as being rigged, which has institutional investors and outside observers alike demanding some sort of SEC action. The vast majority of this criticism is aimed at high-frequency traders, who use complex computer algorithms to execute trades several times faster than the blink of an eye. One of the many complaints against high-frequency traders is over parasitic trading practices, such as front-running. Front-running, in the era of high-frequency trading, is best defined as using the knowledge of a large impending trade to take a favorable position in the market before that trade is executed. Put simply, these traders are able to jump in front of a trade before it can be completed. This Note explains how high-frequency traders are able to front-run trades using superior access to information, and examines several proposed SEC responses

Oregon: Round 1 - State-Level Field Network Study of the Implementation of the Affordable Care Act

This report is part of a series of 21 state and regional studies examining the rollout of the ACA. The national network ---- with 36 states and 61 researchers ---- is led by the Rockefeller Institute of Government, the public policy research arm of the State University of New York, the Brookings Institution, and the Fels Institute of Government at the University of Pennsylvania.Oregon has taken an overwhelmingly affirmative response to the ACA, as evidenced by its enthusiastic development and implementation of Cover Oregon and its decision to expand Medicaid. In fact, it is one of six states to receive a Model Testing award from the Centers for Medicare & Medicaid Services, which will support continuing efforts to transform its health care delivery system through innovative methods