Economics – General

Measuring Hospital Quality

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Quality of care is difficult to measure. Even if you had a perfect measure of quality in terms of health outcomes, risk adjustment is imperfect. For instance, academic medical centers are often assumed to have high quality, but actual outcomes observed in the data may… Read More »Measuring Hospital Quality

Is the value of a QALY constant?

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Standard cost-effectiveness analysis assumes that any gain in quality-adjusted life years (QALYs) should be valued equally. This does not sound unreasonable, but is it true in practice? Consider two potential violations of constant value of QALY gains: scope insensitivity and severity independence. I define each… Read More »Is the value of a QALY constant?

Quotation of the day

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Once you start trading for yourself, you start thinking for yourself. Yeonmi Park, escapee from North Korea, author of In Order to Live: A North Korean Girl’s Journey to Freedom

What makes a great economist?

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From John Maynard Keynes’ Essays in Biography: The study of economics does not seem to require any specialized gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy and pure science? Yet good,… Read More »What makes a great economist?