Health Economics
, by Phelps, Charles E.Note: Supplemental materials are not guaranteed with Rental or Used book purchases.
- ISBN: 9780321594570 | 0321594576
- Cover: Paperback
- Copyright: 2/10/2009
Health Economics combines current economic theory, recent research, and health policy issues into an accessible overview of the field. Recent research illustrates core economic concepts, which are then used to focus on key policy areas, such as the structure and effects of Medicare reform, insurance plan design, and emerging medical technologies.
Charles E. Phelps went to the University of Rochester in 1984 as professor and director of the Public Policy Analysis Program, a graduate program offered by the Department of Political Science, in conjunction with the Department of Economics. In 1989 he became chair of the Department of Community and Preventive Medicine in the School of Medicine and Dentistry. He became Provost in July 1, 1994, and served until July 31, 2007. As Provost, he was responsible for overseeing the academic activity of the University, including teaching, research, and supporting services (e.g., libraries, information technology, and technology transfer) in each of the University's six schools. He currently holds the titles of University Professor and Provost Emeritus.
Phelps has achieved national and international recognition for his scholarly research. In 1991 he was elected to the Institute of Medicine of the National Academy of Sciences and to the National Bureau for Economic Research. He served for six years on the Report Review Committee of the National Academies.
Phelps is currently a Fellow at the Center for Advanced Studies in the Behavioral Sciences at Stanford University (academic year 2008–2009).
Provost Emeritus Phelps participated from 1997 to 2007 in the Association of American Universities’ Committee on Digital Technology and Intellectual Property Rights, and was an active participant in the AAU's work in areas involving related topics. He testified before Congress in June 1998 on issues pertaining to the implementation of the World Intellectual Property Organization (WIPO) treaty and has spoken on related matters in conferences on these issues sponsored by, among others, the Department of Commerce. In July 2005, he testified on Patent Reform for the Senate Judiciary Committee's Subcommittee on Intellectual Property.
Provost Emeritus Phelps earned his bachelor’s degree from Pomona College in Claremont, California. He then earned both an MBA in hospital administration and PhD in economics from the University of Chicago. Before beginning his career at the University of Rochester, Phelps worked at the RAND Corporation from 1971 to 1984.
Phelps served from 1998–2006 on the Board of Trustees for the Council on Library and Information Resources (CLIR) in Washington, DC, the last two years as Chair. He currently serves on the Board of Trustees of the Center for Research Libraries in Chicago, and on the Board of Directors of VirtualScopics, Inc., a diagnostic-imaging technology company located in Rochester, New York. He also serves as an advisor to CVT, a pharmaceutical company in Palo Alto, California.
Phelps has achieved national and international recognition for his scholarly research. In 1991 he was elected to the Institute of Medicine of the National Academy of Sciences and to the National Bureau for Economic Research. He served for six years on the Report Review Committee of the National Academies.
Phelps is currently a Fellow at the Center for Advanced Studies in the Behavioral Sciences at Stanford University (academic year 2008–2009).
Provost Emeritus Phelps participated from 1997 to 2007 in the Association of American Universities’ Committee on Digital Technology and Intellectual Property Rights, and was an active participant in the AAU's work in areas involving related topics. He testified before Congress in June 1998 on issues pertaining to the implementation of the World Intellectual Property Organization (WIPO) treaty and has spoken on related matters in conferences on these issues sponsored by, among others, the Department of Commerce. In July 2005, he testified on Patent Reform for the Senate Judiciary Committee's Subcommittee on Intellectual Property.
Provost Emeritus Phelps earned his bachelor’s degree from Pomona College in Claremont, California. He then earned both an MBA in hospital administration and PhD in economics from the University of Chicago. Before beginning his career at the University of Rochester, Phelps worked at the RAND Corporation from 1971 to 1984.
Phelps served from 1998–2006 on the Board of Trustees for the Council on Library and Information Resources (CLIR) in Washington, DC, the last two years as Chair. He currently serves on the Board of Trustees of the Center for Research Libraries in Chicago, and on the Board of Directors of VirtualScopics, Inc., a diagnostic-imaging technology company located in Rochester, New York. He also serves as an advisor to CVT, a pharmaceutical company in Palo Alto, California.
Preface | p. xiii |
Why Health Economics? | p. 1 |
Important (If Not Unique) Aspects of Health Care Economics | p. 2 |
How Markets Interrelate in Medical Care and Health Insurance | p. 9 |
Afterthought | p. 30 |
Summary | p. 30 |
Related Chapters in Handbook of Health Economics | p. 31 |
Problems | p. 31 |
Utility and Health | p. 32 |
How to Think About Health and Health Care (or...How Health Economics?) | p. 33 |
The Production of Health | p. 36 |
Health Through the Lifecycle | p. 38 |
A Model of Consumption and Health | p. 40 |
Summary | p. 53 |
Related Chapter in Handbook of Health Economics | p. 54 |
Problems | p. 54 |
Appendix to Chapter 2: A Formal Model of Utility Maximization | p. 55 |
The Transformation of Medical Care to Health | p. 56 |
The Productivity of Medical Care | p. 56 |
Confusion About the Production Function: A Policy Dilemma | p. 73 |
Physician-Specific Variations (Medical Practice Styles) | p. 80 |
Extensive and Intensive Margin Differences: Are They Similar? | p. 85 |
Summary | p. 86 |
Related Chapters in Handbook of Health Economics | p. 87 |
Problems | p. 87 |
Appendix to Chapter 3: Marginal, Average, and Total Productivity | p. 88 |
The Demand for Medical Care: Conceptual Framework | p. 91 |
Indifference Curves for Health and Other Goods | p. 92 |
From Indifference Curves to Demand Curves | p. 98 |
How Demand Curves Depend on Illness Events | p. 100 |
Demand Curves for Many Medical Services | p. 101 |
The Demand Curve for a Society: Adding Up Individual Demands | p. 102 |
Use of the Demand Curve to Measure Value of Care | p. 103 |
How Insurance Affects a Demand Curve for Medical Care | p. 105 |
Time Costs and Travel Costs | p. 116 |
The Role of Quality in the Demand for Care | p. 118 |
Revisited: The Price Index for Health Care | p. 121 |
Summary | p. 122 |
Related Chapters in Handbook of Health Economics | p. 123 |
Problems | p. 123 |
Appendix to Chapter 4: Demand Curves and Demand Elasticities | p. 124 |
Empirical Studies of Medical Care Demand and Applications | p. 126 |
Studies of Demand Curves | p. 127 |
Effects of Age and Gender on Demand | p. 138 |
The Effects of Illness on Demand | p. 139 |
Lifestyle and its Effects on Demand | p. 139 |
The Demand for "Illness" | p. 142 |
The Demand for Quality: Choice of Provider Specialization | p. 145 |
Other Studies of Demand for Medical Care | p. 146 |
Applications and Extensions of Demand Theory | p. 150 |
Decision Theory: Deriving the "Right" Demand Curve for Medical Care | p. 155 |
Cost-Effectiveness Ratios and Demand Curves | p. 156 |
Why Variations in Medical Practice? | p. 157 |
Summary | p. 158 |
Related Chapters in Handbook of Health Economics | p. 159 |
Problems | p. 159 |
Appendix to Chapter 5: An Example of Medical Decision Theory | p. 160 |
The Physician and the Physician Firm | p. 165 |
The "Firm"-Inputs, Output, and Cost | p. 166 |
The Physician as Entrepreneur | p. 167 |
The Physician-Firm and its Production Function | p. 168 |
The Physician as Diagnostician | p. 169 |
Nonphysician Primary-Care Providers | p. 176 |
The Size of the Firm-Group Practice of Medicine | p. 180 |
The Physician as Labor | p. 185 |
The Aggregate Supply Curve: Entry and Exit | p. 191 |
The Open Economy: U.S.- and Internationally Trained Physicians | p. 191 |
Summary | p. 193 |
Related Chapters in Handbook of Health Economics | p. 193 |
Problems | p. 193 |
Appendix to Chapter 6: Cost Passthrough | p. 194 |
Physicians in the Marketplace | p. 197 |
Physician Location Decisions | p. 198 |
Consumer Search and Market Equilibrium | p. 204 |
Actual Search by Patients | p. 216 |
Advertising and the Costs of Information | p. 219 |
The Role of Licensure | p. 221 |
Estimates of the Demand Curve Facing Physician-Firms | p. 223 |
Induced Demand | p. 225 |
The Role of Payment Schemes | p. 233 |
Summary | p. 235 |
Related Chapters in Handbook of Health Economics | p. 236 |
Problems | p. 236 |
The Hospital as a Supplier of Medical Care | p. 238 |
The Hospital Organization | p. 239 |
Who Is the Residual Claimant? | p. 244 |
Where Does the Utility Function Come From? A Political Theory Model | p. 249 |
Hospital Costs | p. 254 |
Long-Run Versus Short-Run Costs | p. 258 |
The Hospital's "Cost Curve" | p. 259 |
Another Complication: Outpatient Surgery | p. 262 |
The Demand Curve Facing a Single Hospital | p. 264 |
The Utility-Maximizing Hospital Manager Revisited | p. 266 |
Summary | p. 266 |
Related Chapters in Handbook of Health Economics | p. 267 |
Problems | p. 267 |
Hospitals in the Marketplace | p. 269 |
Hospitals and the Market for Medical Staff | p. 270 |
Hospitals and Patients | p. 272 |
A Model of Equilibrium Quality and Price | p. 274 |
Insurance and Competition in the Hospital's Decision | p. 278 |
Interaction of Doctors and Hospitals: "Goodies" for the Doctor | p. 281 |
Interaction of Doctors and Hospitals: Patients for the Hospital | p. 282 |
Competition-"Old Style" Versus "New Style" | p. 283 |
Entry and Exit: The Pivotal Role of For-Profit Hospitals | p. 286 |
The Hospital in Labor Markets | p. 286 |
Nursing "Shortages" | p. 292 |
Summary | p. 294 |
Related Chapters in Handbook of Health Economics | p. 295 |
Problems | p. 296 |
Appendix to Chapter 9: The Hospital's Quality and Quantity Decision | p. 296 |
The Demand for Health Insurance | p. 300 |
The Demand for Health Insurance | p. 301 |
Reasons People Want Insurance | p. 302 |
Choice of the Insurance Policy | p. 308 |
Insurance Market Stability: The Question Of Self-Selection | p. 318 |
Income Tax Subsidization of Health Insurance | p. 326 |
Empirical Estimates of Demand for Insurance | p. 333 |
The Overall Effect of the Tax Subsidy on the Health Sector | p. 335 |
"Optimal" Insurance | p. 335 |
Other Models of Demand for Insurance | p. 336 |
Summary | p. 337 |
Related Chapters in Handbook of Health Economics | p. 338 |
Problems | p. 338 |
Appendixes to Chapter 10 | |
A Detailed Calculation of Welfare Loss | p. 341 |
The Calculus of the Risk/Moral Hazard Trade-off | p. 342 |
The Statistics of an Insurance Pool | p. 344 |
Health Insurance Supply and Managed Care | p. 345 |
The Supply of Insurance | p. 345 |
Managed Care: A Response to the Incentives of Traditional Insurance | p. 350 |
Why Managed Care? | p. 352 |
Types of Interventions | p. 357 |
Consumer Side | p. 357 |
Which Interventions Work Best for Managed Care? | p. 368 |
Long-Run Issues | p. 370 |
Summary | p. 374 |
Related Chapters in Handbook of Health Economics | p. 374 |
Problems | p. 374 |
Government Provision of Health Insurance | p. 376 |
The Medicare Program | p. 378 |
Medicare HMOs (Medicare Advantage) | p. 381 |
Operational Changes in Medicare | p. 390 |
The Medicaid Program | p. 411 |
Summary | p. 416 |
Related Chapters in Handbook of Health Economics | p. 418 |
Problems | p. 418 |
Medical Malpractice | p. 420 |
Background of the Legal System in the United States | p. 421 |
The Economic Logic of Negligence Law | p. 427 |
Judicial Error, Defensive Medicine, and "Tough Guys" | p. 430 |
Medical Malpractice Insurance | p. 433 |
Evidence on Actual Deterrence | p. 434 |
Malpractice Awards: "Lightning" or a "Broom Sweeping Clean"? | p. 445 |
Tort Reform | p. 446 |
Tort Reform Writ Large | p. 450 |
HMO Liability: A New Domain for Malpractice Law | p. 450 |
Summary | p. 452 |
Related Chapter in Handbook of Health Economics | p. 452 |
Problems | p. 452 |
Externalities in Health and Medical Care | p. 453 |
Externalities, Property Rights, and the Control of Externalities | p. 454 |
Externalities of Contagion | p. 456 |
Solutions to the Externality Problems | p. 464 |
International Issues-Expanding the Scope of the Externality | p. 467 |
Externalities from Tobacco | p. 469 |
Information as an Externality | p. 472 |
Research as an Externality | p. 475 |
Reasons for So Little Research on Medical Effectiveness | p. 476 |
Transfusion-Induced AIDS and Hepatitis | p. 478 |
Summary | p. 480 |
Related Chapters in Handbook of Health Economics | p. 480 |
Problems | p. 480 |
Appendix to Chapter 14: Value of Life | p. 481 |
Managing the Market: Regulation and Technical Change in Health Care | p. 484 |
A Taxonomy of Regulation | p. 485 |
Licensure | p. 486 |
"Certificate of Need" (CON) Laws | p. 493 |
Drugs and Devices: The New Wave of Medical Care | p. 507 |
Summary | p. 526 |
Related Chapters in Handbook of Health Economics | p. 527 |
Problems | p. 527 |
Universal Insurance Issues and International Comparisons of Health Care Systems | p. 529 |
General Considerations for a National Health Policy | p. 531 |
Review of Health Policy and Systems in Selected Countries | p. 541 |
Snapshots of Four Countries | p. 542 |
Aggregate International Comparisons | p. 552 |
Increase in Costs and Health Outcomes | p. 562 |
A Final Conundrum | p. 566 |
Summary | p. 566 |
Related Chapters in Handbook of Health Economics | p. 567 |
Problems | p. 567 |
Author's Postscript | p. 569 |
Appendix: Introduction to Basic Economics Concepts | p. 571 |
The Concept of Utility and Demand Curves | p. 571 |
The Demand Curve by a Society: Adding Up Individual Demands | p. 576 |
Using Demand Curves to Measure Value | p. 577 |
The Problem of Supply of Goods | p. 579 |
Market Equilibrium | p. 585 |
Monopoly Pricing | p. 588 |
Monopolistic Competition | p. 591 |
Bibliography | p. 595 |
Acknowledgments | p. 623 |
Index | p. 625 |
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