Are Medical Care Prices Still Declining? A Re‐Examination Based on Cost‐Effectiveness Studies

نویسندگان

چکیده

More than two decades ago, a well‐known study on heart attack treatments provided evidence suggesting that, when appropriately adjusted for quality, medical care prices were actually declining (Cutler, McClellan, Newhouse, and Remler (1998)). Our paper revisits this subject by leveraging estimates from more 8000 cost‐effectiveness studies across broad range of conditions treatments. We find large quality‐adjusted price declines associated with treatment innovations. To incorporate these indexes into an aggregate measure inflation, we combine unadjusted medical‐care index, innovations, proxies the diffusion rate new technologies. In contrast to official statistics that suggest increased 0.53 percent per year relative economy‐wide inflation 2000 2017, declined 1.33 over same period.

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ژورنال

عنوان ژورنال: Econometrica

سال: 2022

ISSN: ['0012-9682', '1468-0262']

DOI: https://doi.org/10.3982/ecta17635