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Information is everywhere and its presentation—such as how and when items are presented—can impact our perceptions and decisions surrounding the info. This broad concept umbrellas framing effects—influences that occur due to the way information is framed in its appearance, whether it’s purely the order or the specific wording of a message. Let’s take a look at numerous ways in which two versions of something can objectively say the same thing, yet we respond in...
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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Reconsidering the moral hazard-risk avoidance tradeoff.

Joseph P Newhouse1

  • 1Harvard University, 180 Longwood Avenue, Boston, MA 02115, United States. joseph_newhouse@harvard.edu <joseph_newhouse@harvard.edu>

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Lowering healthcare cost sharing can reduce future costs and improve health outcomes. This suggests subsidies for certain services may be beneficial, even with potential short-term cost increases, aligning with behavioral economics principles.

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Area of Science:

  • Health Economics
  • Behavioral Economics
  • Health Services Research

Background:

  • Current cost-sharing models balance moral hazard and risk.
  • Increased cost sharing is seen in Health Savings Accounts and Health Reimbursement Accounts.
  • Evidence suggests lower cost sharing for some services may decrease future healthcare costs.

Purpose of the Study:

  • To analyze the trade-offs in demand-side cost-sharing models.
  • To evaluate the impact of lower cost sharing on future healthcare utilization and costs.
  • To explore the implications for employer labor costs and employee health value.

Main Methods:

  • Theoretical modeling of optimal demand-side cost sharing.
  • Review of evidence on the effects of cost sharing on healthcare utilization.
  • Analysis of behavioral economics principles related to self-control.

Main Results:

  • Lower cost sharing for specific services can reduce future total healthcare costs.
  • Reduced cost sharing may improve future health outcomes.
  • Subsidies for services that reduce future costs are economically justifiable.

Conclusions:

  • Optimal cost-sharing models should consider long-term cost reduction and health improvement.
  • Subsidies for services with proven long-term benefits are consistent with economic efficiency.
  • Behavioral economics supports subsidies for individuals with self-control issues.