Explain and (diagrammatically) illustrate the key aspects of “Complete v. Incomplete Contracts” in terms of US...

Explain and (diagrammatically) illustrate the key aspects of “Complete v. Incomplete Contracts” in terms of US healthcare patients/consumers and US health insurance companies.

Use these adaptations of Bowles, Foley and Hollidays section headings to organize your progress:

An Ideal (and Unreal) World of Complete Health Insurance Contracts

A benchmark: The patient-payer case

Risk subject to an enforceable contract

The Real World of Incomplete Health Insurance Contracts

The insurer’s expected profit maximization

Why Wealth Matters: Equity and ??? (describe this)

A monopolistic insurer and a wealthy patient-consumer who ??? (describe this)

Competitive markets, wealth constraints and insurance market exclusion

Competitive insuring market and wealthy ???-investing insure

Wealth and the size and quality of healthcare services

Policy Application: Why subsidizing health insurance to the poor may enhance efficiency

What would be observable evidence of health insurance market exclusion if such a subsidy plan was enacted?

Expert Solution

Rahul Sunny answered 2 years ago

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