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Social Impact Bonds in Nonprofit Health Care: New Product or New Package?

  • Mark Pauly
  • Ashley Swanson
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    This note considers a relatively new form of financing for social services, the "Social Impact Bond." Proponents of Social Impact Bonds argue that they present a solution to several problems in funding social services, including performance measurement and the distribution of risk. Using a simple model, we demonstrate that Social Impact Bonds have many features present in standard financing arrangements. They will lead to greater program success when investors' effort can positively influence outcomes, but are unlikely to do so otherwise. We conclude that the value of this funding innovation will be strongly context-dependent.

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    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18991.

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    Date of creation: Apr 2013
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    Handle: RePEc:nbr:nberwo:18991
    Note: HC HE PE
    Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
    Phone: 617-868-3900
    Web page: http://www.nber.org
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    1. Edward L. Glaeser & Andrei Shleifer, 1998. "Not-For-Profit Entrepreneurs," NBER Working Papers 6810, National Bureau of Economic Research, Inc.
    2. Jonathan Conning & Jonathan Morduch, 2011. "Microfinance and Social Investment," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 407-434, December.
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