Arrow and the Information Market Failure in Health Care: The Changing Content and Sources of Health Care Information

Kenneth Arrow's Uncertainty and the Welfare Economics of Medical Care, published in the American Economic Review in 1963, makes profound contributions in the areas of health economics and, more generally, in the economics of information. An essay describes Arrow's contributions with respec...

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Bibliographic Details
Published in:Journal of health politics, policy and law policy and law, 2001-10, Vol.26 (5), p.1031-1044
Main Author: Haas-Wilson, Deborah
Format: Article
Language:English
Subjects:
Arrow, Kenneth Joseph
Commodities
Competition
Consumer Behavior - economics
Consumers
Economic Competition
Economic theory
Economics
Economics, Medical - history
Economics, Medical - standards
Economics, Medical - trends
Essays
Evidence-Based Medicine
Failure
Health care
Health Care Costs
Health care expenditures
Health care industry
Health Care Sector - history
Health Care Sector - standards
Health Care Sector - trends
Health Care Services
Health economics
Health Education
Health Services Needs and Demand - economics
History, 20th Century
Illnesses
Information
Information Dissemination
Information management
Information Services - standards
Information Services - trends
Information sources
Kenneth Joseph Arrow
Market Economy
Market failure
Medical care
Medicine and Health
Models, Economic
Patients
Physicians
Politics
Practitioner Patient Relationship
Public Health and Health Policy
Public Policy
Purchasing
Quality of Health Care
Social Welfare - economics
Social Welfare - history
United States
Used automobiles
Welfare economics
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Summary:Kenneth Arrow's Uncertainty and the Welfare Economics of Medical Care, published in the American Economic Review in 1963, makes profound contributions in the areas of health economics and, more generally, in the economics of information. An essay describes Arrow's contributions with respect to information problems leading to market failures in medical care markets. It shows that theoretical work by economists since 1963 is consistent with Mushkin's and Arrow's thinking - specifically, information imperfections result in market failure.
ISSN:0361-6878
1527-1927
DOI:10.1215/03616878-26-5-1031