In this short and accessible book, Amy Finkelstein -- winner of
the 2012 John Bates Clark award -- tackles the tricky question of
moral hazard, which is the tendency to take risks when the cost
will be borne by others. Kenneth J. Arrow's seminal 1963 paper,
"Uncertainty and the Welfare Economics of Medical Care" -- included
in the volume -- was one of the first to explore the implication of
moral hazard for healthcare, and in this book, Finkelstein examines
this issue in the context of contemporary American health care
policy.
Showcasing research from a 1972 RAND experiment and her own
findings from an ongoing Medicaid study in Oregon, Finkelstein
presents compelling evidence that health insurance does indeed
affect medical spending and encourages policy solutions that
acknowledge and account for this. The volume also features
commentaries and insights from other renowned economists, including
an introduction from Joseph Newhouse that provides context for the
discussion, a commentary from Jonathan Gruber that considers
provider-side moral hazard, and reflections from Joseph E. Stiglitz
and Kenneth J. Arrow.
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