Economic Analysis of Risk and Uncertainty Induced by Health Shocks: A Review and Extension
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plans. In addition, managed care organizations have introduced numerous cost-saving
innovations aimed at the supply side of the market (see McGuire (2012) for a survey).
These innovations generally may curb moral hazard and make insurance more attractive
to consumers in an ex ante sense. Indeed, some might interpret the penetration rate of
82% mentioned above as evidence of the success of the private health insurance market
in the US. However, the standards for success in the health insurance market are much
higher. Many hold the ideal of universal co ...
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