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This paper studies government advertising for a public program implemented through a private market in the context of Affordable Care Act health insurance marketplaces. By exploiting detailed TV advertising data that provide information on advertising messages, we first document differences between advertising by government and by private insurers advertising in terms of targeting and contents. We find that the government tends to advertise in markets with unhealthy populations, whereas private insurers advertise more in markets with healthy populations. Then, we estimate the impact of government and private advertising on enrollment by exploiting discontinuities of TV advertising markets. We find that government advertising has a market expansion effect, whereas private advertising tends to steal consumers from other insurers. Finally, by using an estimated equilibrium model of marketplaces, we explore the impact of alternative designs of government advertising. We find that government advertising may alleviate excessive advertising competitions by insurers. JEL Codes: I1, I3, L1, M3.

Public and Private Provision of Information in Market-Based Public Programs: Evidence from Advertising in Health Insurance Marketplaces