2019041802313820190411102012ecn_455_assignment_5_spring_2019.docx - ECN 455 Health Economics Spring 2019 Homework Assignment#5 your name Homework is due


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ECN 455 Health Economics Spring 2019 Homework Assignment #5: your name Homework is due on Thursday, April 18 , by midnight. 1. True, False, Uncertain (15 pts) Based on your reading of Chapter 14 , state whether each of the following statements is true , false or uncertain . Explain and support your answers. There is not necessarily one correct answer to these questions. All the credit is in the explanation (but you must state T, F, or U). a. The value of a statistical life (VSL) is a measure of how much money someone would be willing to accept in exchange for dying. b. The VSL has been decreasing over time as younger generations are increasingly concerned about the future of social insurance programs such as Social Security and Medicare. c. The Delphi method is the ideal method for deriving the quality weights associated with various health states, because it is based on the opinions of medical experts. d. With respect to screening for HIV, a targeted screening strategy dominates a universal screening strategy. e. According to the Glotzer et al. (1995) study, aggressive treatment of lead poisoning in young children is cost-effective if society values the prevention of a reading disability at $10,000. 2. Definitions (10 pts) Provide complete but concise definitions for the following terms, as they have been used in class. a. Economic evaluation b. Cost-effective treatment c. Inefficient treatment d. Cost-effectiveness frontier e. Merit good
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3. Incremental Cost-Effectiveness Ratios (20 pts) Table 1 below shows the costs and effectiveness (in terms of pregnancies avoided) for seven different family-planning services in the UK (Hughes and McGuire, 1996). (Lecture 18) Table 1 Costs (₤) Pregnancies avoided ICER Oral 111.43 0.82 Diaphragm 112.20 0.67 IUD 45.93* 0.83 Spermicide 118.95 0.64 Injection 123.71 0.85 Implant 82.53* 0.85 Condom 64.29 0.73 *Discounted over 5 years.
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