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The Willingness to Spend on Healthcare: Evidence from Singapore

Author

Listed:
  • Gan, Lydia L.
  • Frederick, James R.

Abstract

For the past few decades, the household healthcare expenditures have experienced a phenomenal growth in Singapore. This paper seeks to identify the underlying socio-economic factors that contribute towards this phenomenon by employing time series data to examine the household willingness to spend on healthcare from 1970 to 2006. The results from our log-linear regression show that the willingness to spend on healthcare is positively related to the proportion of Singapore's population who are elderly, the literacy rate, the ratio of price of other goods and services to the price of healthcare, and the establishment of Singapore's mandatory health savings plan, Medisave. In terms of their effects on the growth of Singapore's willingness to spend on healthcare, the most important factors are the ageing of the population and the increase in the literacy rate.

Suggested Citation

  • Gan, Lydia L. & Frederick, James R., 2010. "The Willingness to Spend on Healthcare: Evidence from Singapore," Review of Applied Economics, Review of Applied Economics, vol. 6(1-2).
  • Handle: RePEc:ags:reapec:143266
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    References listed on IDEAS

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    1. Deb, Partha & Trivedi, Pravin K., 2002. "The structure of demand for health care: latent class versus two-part models," Journal of Health Economics, Elsevier, vol. 21(4), pages 601-625, July.
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    3. Akin, John S, et al, 1986. "The Demand for Primary Health Care Services in the Bicol Region of the Philippines," Economic Development and Cultural Change, University of Chicago Press, vol. 34(4), pages 755-782, July.
    4. David M. Cutler & Ellen Meara, 2001. "The Concentration of Medical Spending: An Update," NBER Chapters,in: Themes in the Economics of Aging, pages 217-240 National Bureau of Economic Research, Inc.
    5. Chernichovsky, Dov & Meesook, Oey Astra, 1986. "Utilization of health services in Indonesia," Social Science & Medicine, Elsevier, vol. 23(6), pages 611-620, January.
    6. Diane Dawson & Rowena Jacobs & Stephen Martin & Peter Smith, 2006. "The impact of patient choice and waiting time on the demand for health care: results from the London Patient Choice project," Applied Economics, Taylor & Francis Journals, vol. 38(12), pages 1363-1370.
    7. David M. Cutler & Ellen Meara, 1998. "The Medical Costs of the Young and Old: A Forty-Year Perspective," NBER Chapters,in: Frontiers in the Economics of Aging, pages 215-246 National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    healthcare demand; price of healthcare; ageing; Medisave; Singapore; Consumer/Household Economics; Demand and Price Analysis; Health Economics and Policy; Marketing; I11; D12; R22;

    JEL classification:

    • I11 - Health, Education, and Welfare - - Health - - - Analysis of Health Care Markets
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • R22 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Other Demand

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