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Feasible methods to estimate disease based price indexes

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  • Bradley, Ralph
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    Abstract

    There is a consensus that statistical agencies should report medical data by disease rather than by service. This study computes price indexes that are necessary to deflate nominal disease expenditures and to decompose their growth into price, treated prevalence and output per patient growth. Unlike previous studies, it uses methods that can be implemented by the Bureau of Labor Statistics (BLS). For the calendar years 2005–2010, I find that these feasible disease based indexes are approximately 1% lower on an annual basis than indexes computed by current methods at BLS. This gives evidence that traditional medical price indexes have not accounted for the more efficient use of medical inputs in treating most diseases.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Health Economics.

    Volume (Year): 32 (2013)
    Issue (Month): 3 ()
    Pages: 504-514

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    Handle: RePEc:eee:jhecon:v:32:y:2013:i:3:p:504-514

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    Web page: http://www.elsevier.com/locate/inca/505560

    Related research

    Keywords: Price indexes; Cost of living index; Superlative indexes;

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    References

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    1. Xue Song & William D. Marder & Robert Houchens & Jonathan E. Conklin & Ralph Bradley, 2009. "Can A Disease-Based Price Index Improve the Estimation of the Medical Consumer Price Index?," NBER Chapters, in: Price Index Concepts and Measurement, pages 329-368 National Bureau of Economic Research, Inc.
    2. Ana Aizcorbe & Ralph Bradley & Ryan Greenaway-McGrevy & Brad Herauf & Richard Kane & Eli Liebman & Sarah Pack & Lyubov Rozental, 2011. "Alternative Price Indexes for Medical Care: Evidence from the MEPS Survey," BEA Working Papers 0069, Bureau of Economic Analysis.
    3. Ernst R. Berndt & Susan Busch & Richard Frank, 2001. "Treatment Price Indexes for Acute Phase Major Depression," NBER Chapters, in: Medical Care Output and Productivity, pages 463-508 National Bureau of Economic Research, Inc.
    4. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
    5. Feenstra, Robert C, 1995. "Exact Hedonic Price Indexes," The Review of Economics and Statistics, MIT Press, vol. 77(4), pages 634-53, November.
    6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    7. Aizcorbe, Ana & Nestoriak, Nicole, 2011. "Changing mix of medical care services: Stylized facts and implications for price indexes," Journal of Health Economics, Elsevier, vol. 30(3), pages 568-574, May.
    8. David M. Cutler & Mark McClellan & Joseph P. Newhouse & Dahlia Remler, 1998. "Are Medical Prices Declining? Evidence From Heart Attack Treatments," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 991-1024, November.
    9. Jack E. Triplett, 2001. "What's Different about Health? -- Human Repair and Car Repair in National Accounts and in National Health Accounts," NBER Chapters, in: Medical Care Output and Productivity, pages 15-96 National Bureau of Economic Research, Inc.
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    Cited by:
    1. Dunn, Abe & Shapiro, Adam Hale & Liebman, Eli, 2013. "Geographic variation in commercial medical-care expenditures: A framework for decomposing price and utilization," Journal of Health Economics, Elsevier, vol. 32(6), pages 1153-1165.

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