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Are Medical Prices Declining? Evidence From Heart Attack Treatments

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Author Info
David M. Cutler
Mark McClellan
Joseph P. Newhouse
Dahlia Remler

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Abstract

We address long-standing problems in measuring medical inflation by estimating two types of price indices. The first, a Service Price Index, prices specific medical services, as does the current CPI. The second, a Cost of Living Index, measures a quality-adjusted cost of treating a health problem. We apply these indices to heart attack treatment between 1983 and 1994. More frequent reweighting and accounting for price discounts lowers the measured price change for heart attacks by three percentage points annually.Accounting for quality change lowers it further; we estimate that the real Cost of Living Index fell about 1 percent annually. © 2000 the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Publisher Info
Article provided by MIT Press in its journal The Quarterly Journal of Economics.

Volume (Year): 113 (1998)
Issue (Month): 4 (November)
Pages: 991-1024
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Handle: RePEc:tpr:qjecon:v:113:y:1998:i:4:p:991-1024

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  1. Leonard I. Nakamura, 2008. "Intangible assets and national income accounting," Working Papers 08-23, Federal Reserve Bank of Philadelphia. [Downloadable!]
  2. Richard G. Frank & Ernst R. Berndt & Alisa B. Busch, 2003. "Quality-Constant Price Indexes for the Ongoing Treatment of Schizophrenia: An Exploratory Study," NBER Working Papers 10022, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. David M. Cutler & Mark McClellan & Joseph P. Newhouse & Dahlia Remler, 1999. "Pricing Heart Attack Treatments," NBER Working Papers 7089, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
    • David M. Cutler & Mark B. McClellan & Joseph P. Newhouse & Dahlia K. Remler, 2001. "Pricing Heart Attack Treatments," NBER Chapters, in: Medical Care Output and Productivity, pages 305-362 National Bureau of Economic Research, Inc. [Downloadable!]
  4. Dora L. Costa, 1999. "American Living Standards: Evidence from Recreational Expenditures," NBER Working Papers 7148, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Leonard I. Nakamura, 2009. "Intangible assets and national income accounting: measuring a scientific revolution," Working Papers 09-11, Federal Reserve Bank of Philadelphia. [Downloadable!]
  6. repec:bep:eapcon:v:4:y:2005:i:1:p:1395-1395 is not listed on IDEAS
  7. Robert E. Hall & Charles I. Jones, 2004. "The Value of Life and the Rise in Health Spending," NBER Working Papers 10737, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Jonathan Skinner & Douglas Staiger, 2009. "Technology Diffusion and Productivity Growth in Health Care," NBER Working Papers 14865, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Dora L. Costa, 2000. "Understanding Mid-Life and Older Age Mortality Declines: Evidence from Union Army Veterans," NBER Working Papers 8000, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Robert J Hill, 2004. "Inflation Measurement for Central Bankers," RBA Annual Conference Volume, in: Christopher Kent & Simon Guttmann (ed.), The Future of Inflation Targeting Reserve Bank of Australia. [Downloadable!]
  11. Claudio Lucarelli & Sean Nicholson, 2009. "A Quality-Adjusted Price Index for Colorectal Cancer Drugs," NBER Working Papers 15174, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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