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Disentangling Moral Hazard And Adverse Selection In Private Health Insurance
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Book Synopsis Disentangling Moral Hazard and Adverse Selection in Private Health Insurance by :
Download or read book Disentangling Moral Hazard and Adverse Selection in Private Health Insurance written by and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Moral hazard and adverse selection create inefficiencies in private health insurance markets and understanding the relative importance of each factor is critical for policy. We use claims data from a large firm to isolate moral hazard from plan selection. Previous studies have attempted to estimate moral hazard in private health insurance by assuming that individuals respond only to the spot price, end-of-year price, expected price, or a related metric. The nonlinear budget constraints generated by health insurance plans make these assumptions especially poor and we statistically reject their appropriateness. We study the differential impact of the health insurance plans offered by the firm on the entire distribution of medical expenditures without assuming that individuals only respond to a parameterized price. Our empirical strategy exploits the introduction of new plans during the sample period as a shock to plan generosity, and we account for sample attrition over time. We use an instrumental variable quantile estimation technique that provides quantile treatment effects for each plan, while conditioning on a set of covariates for identification purposes. This technique allows us to map the resulting estimated medical expenditure distributions to the nonlinear budget sets generated by each plan. We estimate that 53% of the additional medical spending observed in the most generous plan in our data relative to the least generous is due to moral hazard. The remainder can be attributed to adverse selection. A policy which resulted in each person enrolling in the least generous plan would cause the annual premium of that plan to rise by $1,000.
Book Synopsis Disentangling Adverse Selection, Moral Hazard and Supply Induced Demand by : Vincenzo Atella
Download or read book Disentangling Adverse Selection, Moral Hazard and Supply Induced Demand written by Vincenzo Atella and published by . This book was released on 2018 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the healthcare sector, Selection (S), Moral Hazard (MH) and Supply Induced Demand (SID) are three very important phenomena affecting patients' behavior. Despite there exists a vast theoretical and empirical literature on these phenomena, so far, no contribution has been able to approach them jointly. This is mostly due to difficulties in modelling the joint determinants of health service utilization and health insurance choice by means of a tractable structural simultaneous equation model. In this paper, we provide a solution to this problem and estimate a simultaneous four equation structural model with four latentvariables, where the first two equations are meant to deal with the adverse selection issue, while the third and fourth equation deal with moral hazard and SID issues. By doing so, our model seeks to identify causal effects while correcting for selection and endogeneity with the observational data we have. A closed form solution for the likelihood function - which guarantees an exact solution - is maximized via FIML, using a large cross-sectional dataset collected by the Italian national institute of statistic (ISTAT). The empirical analysis has con rmed the theoretical predictions of our structural model. In particular, we find evidence of selection in the choice of private insurance and SID, but do not find MH behavior on the patient side. These results are extremely important from a health policy perspective, given the existing international debate on the development of a second pillar in the fi nancing of the healthcare system.
Book Synopsis Moral Hazard, Adverse Selection and Health Expenditures by : Patrick L. Bajari
Download or read book Moral Hazard, Adverse Selection and Health Expenditures written by Patrick L. Bajari and published by . This book was released on 2006 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical models predict asymmetric information in health insurance markets may generate inefficient outcomes due to adverse selection and moral hazard. However, previous empirical research has found it difficult to disentangle adverse selection from moral hazard in health care. We empirically study this question by using data from the Health and Retirement Study to estimate a structural model of the demand for health insurance and medical care. Using a two-step semi-parametric estimation strategy we find significant evidence of moral hazard, but not of adverse selection.
Book Synopsis Moral Hazard, Adverse Selection and Health Expenditures by : Patrick Bajari
Download or read book Moral Hazard, Adverse Selection and Health Expenditures written by Patrick Bajari and published by . This book was released on 2010 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical models predict asymmetric information in health insurance markets may generate inefficient outcomes due to adverse selection and moral hazard. However, previous empirical research has found it difficult to disentangle adverse selection from moral hazard in health care. We empirically study this question by using data from the Health and Retirement Study to estimate a structural model of the demand for health insurance and medical care. Using a two-step semi-parametric estimation strategy we find significant evidence of moral hazard, but not of adverse selection.
Book Synopsis Moral Hazard Effects in Health Insurance by : Olesya Kazantseva
Download or read book Moral Hazard Effects in Health Insurance written by Olesya Kazantseva and published by GRIN Verlag. This book was released on 2014-07-18 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2014 in the subject Business economics - Economic Policy, grade: 1,3, University of Kassel, language: English, abstract: Within the discussion about the increasing expenditures in health insurance, the overutilization of medical care is often attributed to the existence of a moral hazard problem. Since moral hazard has a great impact on health insurance policies, there is a growing interest in the economic literature to identify and to measure its effects. Although the problem of overconsumption of medical care does not mean moral hazard per se, the determination of the latter may reduce its scope and help to mitigate the problem of overutilization. The main objective of this paper is an empirical evidence of the moral hazard phenomenon. By analysing the economic literature on moral hazard in health insurance this paper seeks for examples of its empirical evidence, whereby the emphasis lies on distinguishing between the demand-oriented (especially ex-post) and the supply-oriented (external) moral hazard.
Download or read book Moral Hazard written by Jon Stockton Farr and published by . This book was released on 1993 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Adverse Selection, Moral Hazard and the Demand for Medigap Insurance by : Michael Keane
Download or read book Adverse Selection, Moral Hazard and the Demand for Medigap Insurance written by Michael Keane and published by . This book was released on 2011 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Extrapolation Using Selection and Moral Hazard Heterogeneity from Within the Oregon Health Insurance Experiment by : Amanda E. Kowalski
Download or read book Extrapolation Using Selection and Moral Hazard Heterogeneity from Within the Oregon Health Insurance Experiment written by Amanda E. Kowalski and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I aim to shed light on why emergency room (ER) utilization increased following the Oregon Health Insurance Experiment but decreased following a Massachusetts policy. To do so, I unite the literatures on insurance and treatment effects. Under an MTE model that assumes no more than the LATE assumptions, comparisons across always takers, compliers, and never takers can inform the impact of polices that expand and contract coverage. Starting from the Oregon experiment as the "gold standard," I make comparisons within Oregon and extrapolate my findings to Massachusetts. Within Oregon, I find adverse selection and heterogeneous moral hazard. Although previous enrollees increased their ER utilization, evidence suggests that subsequent enrollees will be healthier, and they will decrease their ER utilization. Accordingly, I can reconcile the Oregon and Massachusetts results because the Massachusetts policy expanded coverage from a higher baseline, and new enrollees reported better health.
Book Synopsis Research Handbook on International Insurance Law and Regulation by : Julian Burling
Download or read book Research Handbook on International Insurance Law and Regulation written by Julian Burling and published by Edward Elgar Publishing. This book was released on 2023-12-11 with total page 933 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thoroughly revised second edition of the Research Handbook on International Insurance Law and Regulation provides an updated assessment of the insurance industry in an international context, featuring 30 chapters, of which half are new for this edition, written by expert academics and practising lawyers.
Book Synopsis Health Insurance. Selection, incentives and search by : Jonne Annemarie Bolhaar
Download or read book Health Insurance. Selection, incentives and search written by Jonne Annemarie Bolhaar and published by Rozenberg Publishers. This book was released on 2010 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Productivity and Inequality by : William H. Greene
Download or read book Productivity and Inequality written by William H. Greene and published by Springer. This book was released on 2018-02-02 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume highlights the state-of-the-art knowledge (including data analysis) of productivity, inequality and efficiency analysis. It showcases a selection of the best papers from the 9th North American Productivity Workshop. These papers are relevant to academia, but also to public and private sectors in terms of the challenges that firms, financial institutions, governments, and individuals may face when dealing with economic and education related activities that lead to increase or decrease of productivity. The volume also aims to bring together ideas from different parts of the world about the challenges those local economies and institutions may face when changes in productivity are observed. These contributions focus on theoretical and empirical research in areas including productivity, production theory and efficiency measurement in economics, management science, operation research, public administration, and education. The North American Productivity Workshop (NAPW) brings together academic scholars and practitioners in the field of productivity and efficiency analysis from all over the world, and this proceedings volume is a reflection of this mission. The papers in this volume also address general topics as education, health, energy, finance, agriculture, transport, utilities, and economic development, among others. The editors are comprised of the 2016 local organizers, program committee members, and celebrated guest conference speakers.
Book Synopsis Health Insurance Across Worldwide Health Systems by : Aida Isabel Tavares
Download or read book Health Insurance Across Worldwide Health Systems written by Aida Isabel Tavares and published by BoD – Books on Demand. This book was released on 2024-03-13 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Health insurance is the mechanism used to respond to uncertainty and risk aversion to illness. Health insurance, whether private, public, or mixed, serves as the main structural foundation for health systems across countries. Its objectives are to minimize the financial burden of medical expenses on people and to enhance population health. Globally, there is a great diversity of health systems and even greater variation among them. There are substantial differences in health systems and health insurance between low- and middle-income nations. The primary explanation for this could be the disparities in the resources available to fund the health system. High-income countries have the financing ability to fund the provision of health care, whereas low- and medium-income countries have a harder time funding health care. Another challenge health systems face nowadays is the achievement of the United Nations Sustainable Development Goal 3: healthy lives and promoting well-being for all. To create resilient and sustainable health systems that guarantee healthy lives and foster well-being for people of all ages, many countries are redesigning their healthcare systems by improving financing, access, and coverage. This book discusses these issues in different health systems around the world, in low-, middle-, and high-income countries.
Book Synopsis Race, Ethnicity, Gender and Other Social Characteristics as Factors in Health and Health Care Disparities by : Jennie Jacobs Kronenfeld
Download or read book Race, Ethnicity, Gender and Other Social Characteristics as Factors in Health and Health Care Disparities written by Jennie Jacobs Kronenfeld and published by Emerald Group Publishing. This book was released on 2020-09-28 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume investigates race, ethnicity and gender as factors in health and health care.
Book Synopsis Private Health Insurance by : Australia. Industry Commission
Download or read book Private Health Insurance written by Australia. Industry Commission and published by . This book was released on 1997 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Moral Hazard in Health Insurance by : Amy Finkelstein
Download or read book Moral Hazard in Health Insurance written by Amy Finkelstein and published by Columbia University Press. This book was released on 2014-12-02 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Book Synopsis Handbook of Health Economics by : Mark V. Pauly
Download or read book Handbook of Health Economics written by Mark V. Pauly and published by Elsevier. This book was released on 2012-01-05 with total page 1149 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As a relatively new subdiscipline of economics, health economics has made many contributions to areas of the main discipline, such as insurance economics. This volume provides a survey of the burgeoning literature on the subject of health economics." {source : site de l'éditeur].
Book Synopsis EBOOK: Trust Matters in Health Care by : Michael Calnan
Download or read book EBOOK: Trust Matters in Health Care written by Michael Calnan and published by McGraw-Hill Education (UK). This book was released on 2008-08-16 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does trust still matter in health care and who does it matter to? Have trust relations changed in the 'New' NHS? What does trust mean to patients, clinicians and managers? In the NHS trust has traditionally played an important part in the relationships between its three key actors: the state, health care practitioners and patients. However, in recent years the environments in which these relationships operate have been subject to considerable change as the NHS has been modernised. Patients are now expected to play a more active role, both in self-managing their illness and in choice of care provider and clinicians are expected to work in teams and in partnership with managers. This unique book explores the importance of trust, how it is lost and won and the extent to which trust relationships in health care may have changed. The book combines theoretical and empirical analysis, while also examining the role of policy. Calnan and Rowe analyse data collected from interviews with patients, health care professionals and managers in primary care and acute care settings. Among the issues covered are: The importance of trust to their relationships What constitutes high and low trust behaviour The changing nature of trust relations between patients, clinicians and managers How trust can be built and sustained How interpersonal trust affects institutional trust Trust Matters in Health Care is key reading for policy makers, health care professionals and managers in the public and private sector, and a useful resource for educators and students within health and social care and management studies.
