| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21015 |
| 来源ID | Working Paper 21015 |
| The Insurance Value of Medical Innovation | |
| Darius Lakdawalla; Anup Malani; Julian Reif | |
| 发表日期 | 2015-03-16 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Economists think of medical innovation as a valuable but risky good, producing health benefits but increasing financial risk. This perspective overlooks how innovation can lower physical risks borne by healthy patients facing the prospect of future disease. We present an alternative framework that accounts for all these aspects of value and links them to the value of health insurance. We show that any innovation worth buying reduces overall risk, thereby generating positive insurance value on its own. We conduct two empirical exercises to assess the significance of our insights. First, we calculate that conventional methods underestimate the value of historical health gains by 30-80%. Second, we examine a large set of medical technologies and calculate that insurance value on average adds 100% to the conventional valuation of those treatments. Moreover, we find that the physical risk-reduction value of these technologies is ten times greater than the financial risk they pose and the corresponding value of health insurance that insures this financial risk. Our analysis also suggests standard methods disproportionately undervalue treatments for the most severe illnesses, where physical risk to consumers is most costly. |
| 主题 | Health, Education, and Welfare ; Health ; Labor Economics ; Demography and Aging ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w21015 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578688 |
| 推荐引用方式 GB/T 7714 | Darius Lakdawalla,Anup Malani,Julian Reif. The Insurance Value of Medical Innovation. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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