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Analyses in the Economics of Aging$
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David A. Wise

Print publication date: 2005

Print ISBN-13: 9780226902869

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226903217.001.0001

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The Efficiency of Medicare

The Efficiency of Medicare

(p.129) 4 The Efficiency of Medicare
Analyses in the Economics of Aging
Jonathan Skinner, Elliott S. Fisher, John E. Wennberg
University of Chicago Press

This chapter evaluates the efficiency of Medicare using the idea of natural randomization. It examines whether the Medicare program is consistent with the efficiency criterion commonly used in public economics using data on survival rates, Medicare expenditures and health status measures across 306 hospital referral regions in the U.S. The findings indicate that the inefficiency inherent in the Medicare program is as much as 20 percent of total Medicare expenditures.

Keywords:   Medicare, natural randomization, efficiency criterion, public economics, Medicare expenditures, health status measures, U.S.

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