Frank McCormick

Frank McCormick

PhD Economics

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19
Publications
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Introduction
Frank McCormick is retired from the Bank of America where he was Vice-president and Director of U.S. Economic and Financial Research. His research is focused on the shortage of transplant kidneys. He is co-first author of: (1) "A Cost-Benefit Analysis of Government Compensation of Kidney Donors";(2) “Would government compensation of living kidney donors exploit the poor? An empirical analysis”; (3) “The Terrible Toll of the Kidney Shortage”; (4) "Removing Disincentives to Kidney Donation:

Publications

Publications (19)
Article
Objectives: The aim of this study was to show how the US government could save approximately 47 000 patients with chronic kidney failure each year from suffering on dialysis and premature death by compensating living kidney donors enough to completely end the kidney shortage. Methods: Supply and demand analysis was used to estimate the number of...
Article
To predict if the COVID‐19 pandemic and transplant center responses could have resulted in preventable deaths, we analyzed registry information of the U.S. ESRD patient population awaiting kidney transplantation. Data were from the Organ Procurement and Transplantation Network (OPTN), the U.S. Centers for Disease Control and Prevention, and the Uni...
Article
Background: The goal is to provide a national analysis of OPO costs. Methods: Five years of data, for 51 of the 58 OPOs (2013-17, a near census) were obtained under a FOIA. OPOs are not-for-profit federal contractors with a geographic monopoly. A generalized 15-factor cost regression model was estimated with adjustments to precision of estimates...
Article
Using 5‐years of US organ procurement organization (OPO) data, we determined the cost of recovering a viable (i.e., transplanted) kidney for each of 51 OPOs. We also examined the effects on OPO costs of the recovery of non‐viable (i.e., discarded) kidneys and other OPO metrics. Annual cost reports from 51 independent OPOs were used to determine the...
Article
Full-text available
No abstract. Here are: CONCLUSIONS There is widespread support in the transplant community for removing the disincentives to kidney donation. This study is an effort to quantitatively analyze such a policy. We estimate the disincentives facing living kidney donors total almost $38,000. This estimate is much higher than is commonly assumed although...
Article
Full-text available
Government compensation of kidney donors would likely increase the supply of kidneys and prevent the premature deaths of tens of thousands of patients with kidney failure each year. The major argument against it is that it would exploit the poor who would be more likely to accept the offers of compensation. This overlooks the fact that many poor pa...
Data
Estimating the value of a kidney from a living donor. (PDF)
Data
Reasons for focusing on a living donor. (PDF)
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Our specific proposal to compensate kidney donors. (PDF)
Data
Employing educational attainment as a proxy for income. (PDF)
Chapter
In 1987, Held, Hanno, Wein, Pauly, and Cahn (hereafter Held-Hanno) conducted an epidemiologic study of Interstitial Cystitis (IC) a rare project at the time. (Later published in 1990). The study was to a great extent a response to the relevant clinical experiences of Dr. Hanno, a University of Pennsylvania urologist who had had many interactions wi...
Article
The authors estimated Medicare spending for all covered services for 270 ABO incompatible (ABOi) and 27,000 compatible (ABOc) transplants for the period 30 days pre-transplant through 3 years post-transplant and found incremental costs for ABOi transplants were 74 percent higher than for ABOc transplants. The authors also estimated adjusted hazards...
Article
Full-text available
From 5000 to 10 000 kidney patients die prematurely in the United States each year, and about 100 000 more suffer the debilitating effects of dialysis, because of a shortage of transplant kidneys. To reduce this shortage, many advocate having the government compensate kidney donors. This paper presents a comprehensive cost-benefit analysis of such...
Article
Value-at-Risk measures the potential loss on a portfolio, where the potential loss is linked directly to the probability of large, adverse movements in market prices. This paper considers four classes of Value-at-Risk model: variance-covariance models; historical-simulation models; Monte-Carlo simulation models; and extreme-value estimation models....
Article
The purpose of this paper is to extend the theory of forward exchange developed by S.C. Tsiang and Egon Sohmen by adding to it an important relationship between the speculative demands for foreign exchange. With this extended theory of forward exchange it is relatively easy to clearly and carefully analyze complex problems involving the interaction...

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Project
The URL for the most recently published article: McCormick F, Held PJ, Chertow G, Peters T, and Roberts J. Removing Disincentives to Kidney Donation: A Quantitative Analysis. J Am Soc Nephrol 30: ccc–ccc, 2019. doi: https://doi.org/10.1681/ASN.2019030242 is: https://jasn.asnjournals.org/content/jnephrol/early/2019/07/23/ASN.2019030242.full.pdf This is the fourth in a series of articles aimed at reducing the kidney shortage and thereby saving tens of thousands of lives each year. The previous three were: 1. Held PJ, McCormick F, Ojo A, Roberts JP. A cost-benefit analysis of government compensation of kidney donors. Am J Transplant 16: 877–885, 2016. This article laid out in great detail (13 Supplements) all of the costs and benefits of compensating kidney donors, showing it would confer a net benefit on society of about $46 billion per year and would save taxpayers about $12 billion per year. https://onlinelibrary.wiley.com/doi/full/10.1111/ajt.13490 2. Held PJ, McCormick F, Chertow GM, Peters TG, Roberts JP. Would government compensation of living kidney donors exploit the poor? An empirical analysis. PLOS ONE, November 28, 2018. This article presented evidence that the poor would not be exploited by government compensation of kidney donors. Indeed, the aggregate net benefit to the poor would increase to $12 billion per year from only $1 billion per year currently. https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0205655&type=printable 3. McCormick F, Held PJ, Chertow GM. The Terrible Toll of the Kidney Shortage. J Am Soc Nephrol 29: 2775–2776, 2018. This editorial argued that the shortage of transplant kidneys is causing the needless premature deaths of about 43,000 Americans each year (118 per day), the same death toll as from 85 fully loaded 747s crashing each year. This is a much larger number than had previously been assumed.