This paper discusses goods for which the amount of consumption determines its duration, with our primary concentration on health-related consumption. We argue that the features of such goods result in unique implications for private pricing and R&D, as well as impact important components of public budgets. We illustrate how to assess the magnitude of our discussed effects for a sub-program of Medicare in the US.
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Length: 24 pages Date of creation: 1998 Date of revision: Publication status: Published in RAND Journal of Economics, 2002, 33(1), pp. 85-95 Handle: RePEc:del:abcdef:98-14
Find related papers by JEL classification: H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health O32 - Economic Development, Technological Change, and Growth - - Technological Change - - - Management of Technological Innovation and R&D