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Are Medical Prices Declining?

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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 health care prices by estimating two medical care 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 the net valuation of treating a health problem. We apply these indices to heart attack treatment between 1983 and 1994. Because of technological change and increasing price discounts, the current CPI overstates a chain-weighted price index by three percentage points annually. For plausible values of an additional life-year, the real Cost of Living Index fell about 1 percent annually.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5750.

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Date of creation: Sep 1996
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Handle: RePEc:nbr:nberwo:5750

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  1. Zvi Griliches, 1992. "Output Measurement in the Service Sectors," NBER Books, National Bureau of Economic Research, Inc, number gril92-1.
  2. Paul A. Armknecht & Daniel H. Ginsburg, 1992. "Improvements in Measuring Price Changes in Consumer Services: Past, Present, and Future," NBER Chapters, in: Output Measurement in the Service Sectors, pages 109-157 National Bureau of Economic Research, Inc. [Downloadable!]
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