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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Tomas J. Philipson and George Zanjani
464
since medical spending is unproductive under the current state of technology. Even if
insurance were free, it would have no value. Gains in welfare in this scenario can come
only from reducing the price of health through medical innovation.
Now consider the other extreme when medical innovation progresses in a way that
more health can be obtained for successively lower amounts of medical care spending.
This implies in the extreme there is no loss in health and there are minimal resources
used to restore health upon a health shock. In this case, expected utility converges to
U(Y, H
0
). With the most extr ...
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Publisher Resources

ISBN: 9780444536853