Abstract：
:The conventional theory of optimal coinsurance rates for health insurance with moral hazard indicates that coinsurance should vary with the price responsiveness or price-elasticity of demand for different medical services. An alternative theory called "value-based cost sharing" indicates that coinsurance should be lower for services with higher (marginal) benefits relative to costs. This paper reconciles the two views. It shows that, if patient demands are based on correct information, optimal coinsurance is the same under either theory. If patient demands differ from informed demands, optimal coinsurance depends both on information imperfection and price responsiveness. Value-based cost sharing can be superior to providing information (even if the cost of information is minimal) when patient demands fall short of informed demands. An extended numerical example illustrates these points.
journal_name
J Health Econjournal_title
Journal of health economicsauthors
Pauly MV,Blavin FEdoi
10.1016/j.jhealeco.2008.07.003subject
Has Abstractpub_date
2008-12-01 00:00:00pages
1407-17issue
6eissn
0167-6296issn
1879-1646pii
S0167-6296(08)00087-8journal_volume
27pub_type
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