Chapter

The Efficiency of Medicare

Edited by Jonathan Skinner, Elliott S. Fisher and John E. Wennberg

in Analyses in the Economics of Aging

Published by University of Chicago Press

Published in print August 2005 | ISBN: 9780226902869
Published online February 2013 | e-ISBN: 9780226903217 | DOI: http://dx.doi.org/10.7208/chicago/9780226903217.003.0005
The Efficiency of Medicare

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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.

Chapter.  12663 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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