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HEALTH ECONOMICS
Course Objectives:
The objectives of this course are-
- To acquaint the students with the basics of software EViews.
- To develop an understanding of the use of EViews for estimating simple and multiple linear regression models.
- To acquaint the students with the detection and remedial methods of multicollinearity, heteroscedasticity and autocorrelation problems with the help of software EViews.
Course Outcomes (COs):
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Course |
Outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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ECO 324(B) |
Health Economics |
CO48: Understand the factors affecting demand and supply of health care. CO49: Analyze the production and costs of health and the role of government in health care. CO50: Acquire Knowledge of healthcare financing and health insurance |
Approach in teaching: Interactive Lectures, Discussion, Case studies.
Learning activities for the students: Presentations, Assignments and Group discussions. |
Class activity, Assignments, Quiz and Semester end examinations. |
Health economics: Importance and growth, Production and allocative efficiency, distribution, and the production possibilities curve; Health care as an economic good; Wants demand and needs; Production of health and health care; Deciding who gets what in health care; Public health and economic growth
Factors affecting demand for medical care(economic and non economic); Consumer choice theory: preferences and utility, budget constraints and maximization; Demand functions: Estimating demand functions, price and income elasticity of demand; Modeling choices about health : consumption of health and health care, investment in health care, predictions of the Grossman model; Asymmetry of information and imperfect agency; Aggregate demand for health care; Firms , markets and industries in the health care sector of the economy; Structure, conduct and performance in the health care industry; Profit maximization models: Perfect competition ,monopoly, monopolistic competition, oligopoly, Game theory; Goals other than profit maximization: Growth maximization, Behavioral theories of the firm, Utility maximization
Theory of production: Production function, isoquants, marginal products, substitutability between inputs, production frontier; Multi product firms; Returns to scale, additivity and fixed factors; Costs: costs and productivity, cost functions, economies of scale, short run cost functions, economies of scope; Using perfectly competitive markets to allocate resources: equilibrium in competitive markets, efficiency of competitive markets; Market failure in health care: externalities, market power, public goods, information imperfections; Government intervention in health care: direct government involvement in the finance and provision of health care, taxes & subsidies, regulations, provision of information, theory of second best; Government failure
The economic foundations of economic evaluation : cost benefit analysis and cost effectiveness analysis; Economic evaluation applied to health care programmes; Equity in economic analysis; Economic evaluation methods: estimating costs, measurement of health gain, discounting, modeling based economic evaluation; The use of economic evaluation in decision making; Welfarist and non welfarist foundations in economic analysis: welfare economics, the Pareto principle, social welfare functions, the application of welfare economics, non welfarism, link between welfarism and non welfarism
Uncertainty in health care; Attitude to Risk; Demand for and supply of health insurance; The market for health insurance; Health insurance market failures; Integration between Third – Party payers and health care providers; Options for health care financing; Equity in finance of health care; Equity in distribution
Morris, S., Devlin, N. and Parkin, D., Economic Analysis in Health Care, Wiley India Pvt. Ltd., New Delhi 2007.
