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- What are the implications of the RAND Health Insurance Experiment results with regard to the production of health from medical care? Draw the implied PF for health outcomes given medical care, indicate (and explain) the point where the HIE suggests we are at. What does this imply with regard to health care cost containment polices like higher co-insurance rates?Indicate whether the statement is true or false, and justify your answer.The thrifty phenotype hypothesis states that early-life events after birth have a strong influence on health status even in adulthood.Indicate whether the statement is true or false, and justify your answer.The fact that older people spend more on health care is evidence against theGrossman model, which predicts that spending will decline as δ increases.
- In the Grossman model of health production, people maximize lifetime utility overconsumption of health (H) and a composite of all other goods (X). In the model, health is a stockthat evolves over time and depends upon health in the previous period (Ht-1), investments inhealth during the previous period (It-1), and a depreciation rate (γ). The level of health in period tis Ht=(1- γ)Ht-1+It-1.a. Consider two individuals with H=50 in the current period. The two individuals areidentical except that individual A is 20 years old and has a γ of 0.1, while individual B is30 years old and has a γ of 0.2. Explain why it is more difficult for individual B tomaintain the same level of health as individual A.b. Give 2 real-world examples of how an increase in education would improve a person’sproductivity of health investment (I).An empirically testable hypothesis for additional health care expenditure as an investment rather than as an expense is: a. If an increase in health care expenditure today results in an increase in productivity tomorrow, then health careexpenditure has an investment effect. b. If an increase in health care expenditure today results in an a rise in health care stock prices, then health care expenditure has an investment effect. c. If an increase in health care expenditure today results in worse health outcomes today, then health care expenditure has an investment effect. d. If an increase in health care expenditure today results in a more competitive health care market tomorrow, then health care expenditure has an investment effect.Here is a selection from an abstract of a recent study entitled “The effect of health insurance coverage on the use of medical services” by Michael Anderson, Carlos Dobkin, and Tal Gross (2010). NBER Working paper No. 15823. Substantial uncertainty exists regarding the causal effect of health insurance on the utilization of care. Most studies cannot determine whether the large differences in healthcare utilization between the insured and the uninsured are due to insurance status or to other unobserved differences between the two groups. In this paper, we exploit a sharp change in insurance coverage rates that results from young adults “aging out” of their parents insurance plans to estimate the effect of insurance coverage on the utilization of emergency department (ED) and inpatient services. [In the US, children are eligible for insurance coverage through their parents’ insurance only up to their 23rd birthday, at which point they lose eligibility.] Using the National Health…
- Which statement about the individual health insurance market in the U.S. is correct? Question options: 1) Among the non-elderly with private health insurance, about one-third now purchase it in the individual market 2) Individual market enrollment increased with implementation of the Affordable Care Act in 2014, but it has declined in every year since 3) According to data from the Kaiser Family Foundation, On-Exchange enrollment has been roughly constant (varied by less than 1 million) since 2015 4) According to data from the Kaiser Family Foundation, Off-Exchange enrollment has grown relative to On-Exchange since 2015QUESTION 1The Grossman model views demand for health care as a result of the demand for “goodhealth”. Using the Grossman framework, answer the following:A. Discuss the utility of the Grossman model in the practice of modern healtheconomics.B. Describe two (2) factors that could influence the Cost of Capital (COC) in theGrossman model. C. Highlight at least three (3) criticisms against of the Grossman modelTRUE or FLASE? A. The Beveridge model in the United Kingdom reduces moral hazard by having public providers compete to provide high quality care. B. The Bismarck Model in Germany reduces adverse selection primarily by having a universal, compulsory health insurance system. C. The Bismarck Model in Germany emphasizes equity over choice whereas the Beveridge Model in the United Kingdom emphasize choice over equity. D. The Bismarck Model in Germany reduces moral hazard by requiring cost sharing. E. The Bismarck Model in Germany controls costs by allowing private insurers to negotiate competitive rates with private physicians.
- [A] High-income Canadians tend to choose a higher desired health stock, even though they can afford more healthcare goods. Using the Grossman model, explain why this is the case. Use an appropriate graph to support your answer. [B] Suppose the funding agency switches both physicians' and hospitals' prospective payment to a system of retrospective payment, i.e., from salary to fee-for-service for physicians, and from global budget payment to activity-based funding for hospitals. Clearly explain each of these terms and how these changes will impact the utilization of physician and hospital services.Assume that the daily demand for packs of cigarettes in the tobacco-addicted nation of Pcorian is Q=100−P Further assume that the marginal cost of producing a pack of cigarettes is §6, and that the market for cigarettes is perfectly competitive. Assume that each pack of cigarettes smoked does §6 worth of health damage to the smoker in the form of increased cancer risk and a total of §5 worth of health damage to the smoker’s neighbors via secondhand smoke. Finally, assume that all Pcorian cigarette consumers are aware of these costs. Suppose the government decides to pursue a Pigouvian solution to eliminate social loss. What sort of tax or subsidy would they implement, and what is the resulting quantity of cigarette packs purchased? 2. The opposition party in the Pcorian parliament loudly opposes the proposed tax plan as government meddling. The opposition leader invokes the Coase theorem and says that the socially efficient level of smoking will occur even in the absence of…The Grossman model emphasizes the important roles that education, health knowledge, and expectations about future income and health play in the choices that determine health in both the short and long runs. Education both increases the likelihood of having higher income, which is good for health, and can compensate for lower income in which of the following ways: a. Education is associated with better health literacy, knowledge and execution of healthy diets and lifestyles b. Education enables people to communicate better with well-educated doctors and so they learn better how to manage their own health over time c. Education enables people to read about side effects and avoid unnecessarily risky procedures d. All of the above e. None of the above