Here is a sample paraphrase:
Professional education market Although assumptions of textbook models of economic markets apply reasonably well to healthcare markets, there are important deviations.
Many states have created risk pools in which relatively healthy enrollees subsidise the care of the rest. Insurers must cope with adverse selection which occurs when they are unable to fully predict the medical expenses of enrollees; adverse selection can destroy the risk pool.
Features of insurance market risk pools, such as group purchases, preferential selection "cherry-picking"and preexisting condition exclusions are meant to cope with adverse selection. Insured patients are naturally less concerned about healthcare costs than they would if they paid the full price of care.
Insurers use several techniques to limit the costs of moral hazard, including imposing copayments on patients and limiting physician incentives to provide costly care.
Insurers often compete by their choice of service offerings, cost sharing requirements, and limitations on physicians. Consumers in healthcare markets often suffer from a lack of adequate information about what services they need to buy and which providers offer the best value proposition.
Health economists have documented a problem with supplier induced demandwhereby providers base treatment recommendations on economic, rather than medical criteria. Researchers have also documented substantial "practice variations", whereby the treatment also on service availability to rein in inducement and practice variations.
Some economists argue that requiring doctors to have a medical license constrains inputs, inhibits innovation, and increases cost to consumers while largely only benefiting the doctors themselves. Typically, however, it pertains to cost—benefit analysis of pharmaceutical products and cost-effectiveness of various medical treatments.
Medical economics often uses mathematical models to synthesise data from biostatistics and epidemiology for support of medical decision-makingboth for individuals and for wider health policy.
Behavioral economics[ edit ] Peter Orszag has suggested that behavioral economics is an important factor for improving the healthcare system, but that relatively little progress has been made when compared to retirement policy.
Mental health can be directly related to economics by the potential of affected individuals to contribute as human capital. In Currie and Stabile published "Mental Health in Childhood and Human Capital" in which they assessed how common childhood mental health problems may alter the human capital accumulation of affected children.
For example, studies in India, where there is an increasingly high occurrence of western outsourcing, have demonstrated a growing hybrid identity in young professionals who face very different sociocultural expectations at the workplace and in at home. Individuals with cognitive disabilities may not be able to communicate preferences.
These factors represent challenges in terms of placing value on the mental health status of an individual, especially in relation to the individual's potential as human capital. Further, employment statistics are often used in mental health economic studies as a means of evaluating individual productivity; however, these statistics do not capture " presenteeism ", when an individual is at work with a lowered productivity level, quantify the loss of non-paid working time, or capture externalities such as having an affected family member.
Also, considering the variation in global wage rates or in societal values, statistics used may be contextually, geographically confined, and study results may not be internationally applicable. Petrasek and Rapin cite the three main reasons for this decline as 1 stigma and privacy concerns, 2 the difficulty of quantifying medical savings and 3 physician incentive to medicate without specialist referral.Western Economics Index Page.
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Check them out! Welfare economics; Economics of information; 50 Best Ideas for Research Paper Topics in December 15, | GradeMiners read more. Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and timberdesignmag.com broad terms, health economists study the functioning of healthcare systems and health-affecting behaviors such as smoking.
A seminal article by Kenneth Arrow, often credited with giving rise to health. Indian Research Journals, provides of Journal of Marketing, Financial Services, Management Research (IJMFSMR), Social Science and INTERDISCIPLINARY RESEARCH (IJSSIR).
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of fiscal policy, among other topics. •The course consists of approximately 42 hours of lectures, 1 (approximately 25 page) research paper • onsult “Guidelines for writing an economics research paper” and “Data sources for empirical work,” both on the course webpage.
ECONOMICS CHAPTER 1- INTRODUCTION TO ECONOMICS Assumed 3 decision makers- consumers (households) – that sell land, labour, capital & entrepreneurship and firms- that pay rent, wages, interest and profits (rewards for above factors of production) firms then use the factors to produce G/S in return for payment from consumer.