Summary of Lectures (Part 1)

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University of Toronto Scarborough
Economics for Management Studies
Michele Campolieti

ECMC34 Lecture 1 Features of Market for Healthcare 1) Extent of Government Involvement (High in Canadian Heathcare) - ,3,,J4;9574;L08K0,O9K.,700[ +,!.,7 - &$J4;943O574;L08949K0;0754479K48043Z0O1,70K,;0L8,-LOL9,3 older 65 2) Uncertainty at all levels of healthcare - who gets sick? (as a rule of thumb take number from US divide by 10 is Canada) cannot provide an exact number - people of higher risk elderly, lower immune system, genetics, pregnant women etc. - how well do treatments work? - ex: prostate cancer take out the prostate or inject radioactive pills - risk of infection, invasiveness, etc. 3) Differences in knowledge bw healthcare providers and consumers of healthcare (patients) - imperfect information sellers can rip off buyers since buyers may not know - ex: blood test buyers does not have the tools to do it - doctors get paid every time a patient sees them 4) Externalities actions of others that impose costs or create benefits for others - ex: vaccination program (H1N1), vitamin B in bread, vitamin C in juice, smallpox, measles etc. - TB consumption disease, multidrug antibiotic treatment Risk is known unknown Uncertainty unknown unknown ECMC34 - Lecture 2 Producing Health Production Function Approach Output = Health Status Inputs = Health care, Lifestyle (NutritionExercise), Environment, Human Biology (you can control HC while Human Bio is hard to control) Health Status = f(Health Care, Lifestyle, Environment, Human Biology)
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