| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22986 |
| 来源ID | Working Paper 22986 |
| How Does Technological Change Affect Quality-Adjusted Prices in Health Care? Systematic Evidence from Thousands of Innovations | |
| Kristopher J. Hult; Sonia Jaffe; Tomas J. Philipson | |
| 发表日期 | 2016-12-26 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Medical innovations have improved survival and treatment for many diseases but have simultaneously raised spending on health care. Many health economists believe that technological change is the major factor driving the growth of the heath care sector. Whether quality has increased as much as spending is a central question for both positive and normative analysis of this sector. This is a question of the impact of new innovations on quality-adjusted prices in health care. We perform a systematic analysis of the impact of technological change on quality-adjusted prices, with over six thousand comparisons of innovations to incumbent technologies. For each innovation in our dataset, we observe its price and quality, as well as the price and quality of an incumbent technology treating the same disease. Our main finding is that an innovation’s quality-adjusted prices is higher than the incumbent’s for about two-thirds (68%) of innovations. Despite this finding, we argue that quality-adjusted prices may fall or rise over time depending on how fast prices decline for a given treatment over time. We calibrate that price declines of 4% between the time when a treatment is a new innovation and the time when it has become the incumbent would be sufficient to offset the observed price difference between innovators and incumbents for a majority of indications. Using standard duopoly models of price competition for differentiated products, we analyze and assess empirically the conditions under which quality-adjusted prices will be higher for innovators than incumbents. We conclude by discussing the conditions particular to the health care industry that may result in less rapid declines, or even increases, in quality-adjusted prices over time. |
| 主题 | Health, Education, and Welfare ; Health ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w22986 |
| 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/580660 |
| 推荐引用方式 GB/T 7714 | Kristopher J. Hult,Sonia Jaffe,Tomas J. Philipson. How Does Technological Change Affect Quality-Adjusted Prices in Health Care? Systematic Evidence from Thousands of Innovations. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22986.pdf（452KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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