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Moral hazard can be divided into two types when it involves asymmetric information (or lack of verifiability) of the outcome of a random event. An ex ante moral hazard is a change in behavior prior to the outcome of the random event, whereas ex post involves behavior after the outcome. [45]
Nyman's model. Nyman's model was developed by John A. Nyman beginning in 1999 and presents an alternative view of moral hazard in the context of private health insurance in the United States. Nyman is a professor of Economics at the University of Minnesota. His theory proposes that private health insurance is purchased because consumers want to ...
Adverse selection. In economics, insurance, and risk management, adverse selection is a market situation where asymmetric information results in a party taking advantage of undisclosed information to benefit more from a contract or trade. In an ideal world, buyers should pay a price which reflects their willingness to pay and the value to them ...
In health economics, supplier induced demand (SID) can be defined as the amount of demand that exists beyond what would have occurred in a market in which patients are fully informed. [5] In healthcare, a physician acts as an agent on behalf of the patient (the principal) guiding them to make the best possible treatment decisions.
Medical ethics is an applied branch of ethics which analyzes the practice of clinical medicine and related scientific research. [1] Medical ethics is based on a set of values that professionals can refer to in the case of any confusion or conflict. These values include the respect for autonomy, non-maleficence, beneficence, and justice. [2]
The principal–agent problem refers to the conflict in interests and priorities that arises when one person or entity (the "agent") takes actions on behalf of another person or entity (the "principal"). [1] The problem worsens when there is a greater discrepancy of interests and information between the principal and agent, as well as when the ...
Samaritan's dilemma. The Samaritan's dilemma is a dilemma in the act of charity. It hinges on the idea that when presented with charity, in some locations such as a soup kitchen, a person will act in one of two ways: using the charity to improve their situation, or coming to rely on charity as a means of survival.
Gretchen Morgenson of The New York Times wrote a recent column advocating what she calls a "bold idea" for housing policy instead of the crash that many economists now appear to want. The main ...