HSCI 306 Lecture Notes - Lecture 4: Market Power, Marginal Utility, Information Asymmetry

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Mcdonalds coffee: get 6th coffee free. Demand and supply are supposed to be independent concepts: not supposed to influence the other, but if they do influence eachother in the market this leads to market power. Health isn"t a priceless commodity because health is not the only thing that matters: we don"t spend all our time and money trying to improve our health. There"s always uncertainty: our investment to our heath capital doesn"t always mean its going to lead to improvements in health and productivity and lead you to live longer. You could be really healthy and then get hit by a bus. Definition of health care: goods and services that have a primary benefit of improving health. Not totally great definition because we spend a lot of time and money maintaining health and not improving it: goods and services provided by health care professionals. Not great because other stuff such as the gym etc not accounted for.

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