ECO440H5 Study Guide - Final Guide: Induced Demand, Demand Curve

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15 May 2014
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Insurance, particularly associated with ownership of assets outside of healthcare (ex. Not the assets themselves but the warranties (summary: durable foods we cant fix ourselves) Really based around information asymmetry (the person supplying the service knows more information than the consumer). May have services suggested that only provide marginal benefits. If you don"t trust a service provider you would go to another and another and so on depending on when you trsut a provider and when the transaction costs get higher. So of course they"ll want to do more tests and so on. Summary so far: information asymmetry and fee for service drive supplier induced demand. No fees often result in less responsiveness to patients (consumers); a common critique of tax-funded systems. Cant have a specific disease comparison/scale, need a general way to compare like qalys (although it has its own issues like the methods are too crude) Know advantages and disadvantages of different health systems (review essay basically)