Search results for ""Author Charles E. Phelps""

Cost-effectiveness analysis (CEA) plays an important role in health policy debates, helping to shape resource allocation and pricing decisions. Yet many economists also recognize that the current framework can offer misleading and incomplete results. Current CEA methods imply that health improvements are equally valuable to those in good health and poor health, which fails to recognize the increased value of health improvements for those with severe illness or disability. Valuing Health introduces the generalized risk-adjusted cost-effectiveness (GRACE) model as a more accurate method for determining the value of medical treatments and technologies. The GRACE model generalizes the underlying CEA assumption of constant gains in health care, demonstrating through diminishing returns the greater economic value of improving the quality of life for individuals with disability or severe illness. Valuing Health also provides sensitivity analyses to show how value measurements change alongside

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Can we really use economic thinking to understand our health care system? Health Economics, now in its sixth edition, not only shows how this is done, but also provides the tools to analyze the economic behavior of patients and providers in health care markets.Health Economics combines current economic theory, recent research, and up-to-date empirical studies into a comprehensive overview of the field. Key changes to this edition include: additional discussion of the consequences of the Patient Protection and Affordable Care Act (PPACA), in light of current political changes; an extensive discussion of quality measures; more discussion of preventive services; a new section on drug markets and regulation; discussion of Accountable Care Organizations (ACOs); new references, problem sets, and an updated companion website with lecture slides. Designed for use in upper-division undergraduate economics studies, the book is suitable for students and lecturers in health economics, microeconomics, public health policy and practice, and health and society. It is also accessible to professional students in programs such as public policy, public health, business, and law.

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