Demand for Health & Healthcare - Price & Income elasticities of healthcare demand - Problem: which prices?
3 important questions on Demand for Health & Healthcare - Price & Income elasticities of healthcare demand - Problem: which prices?
Why don't consumers pay the full market price?
Because of health insurance or government subsidies
What prices do get given to the consumers?
They use out-of-pocket payments. For example co-payment
What are the selection effects that may bias the out-of-pocket prize elasticities? (2x)
- High risk people will opt for less co-payment.
- Low risk people will opt for more co-payment. They know they (probably) won't need care.
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