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Moral Hazard in Health Insurance$
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Amy Finkelstein

Print publication date: 2014

Print ISBN-13: 9780231163804

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231163804.001.0001

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(p.55) Commentary
Moral Hazard in Health Insurance

Kenneth J. Arrow

Columbia University Press

This chapter provides a brief analysis of economist Kenneth J. Arrow's notions concerning economics professor Amy Finkelstein's lecture on hospitalization insurance. It begins by discussing the distinctiveness of hospitalization insurance among others, followed by examining the rising trust issue within the relationship between the physician and the patient, before finally covering medical ethics. Arrow argues that, in terms of hospitalization insurance, the insured patients diagnosis might turn out differently from what had been discovered on the initial diagnosis, thereby aggravating the issue of varying medical costs. The issues on medical ethics, in conjunction with physician-patient relationship trust issue, include whether a physician undertakes his duties with due diligence as well as his motives of undertaking.

Keywords:   Kenneth J. Arrow, Amy Finkelstein, hospitalization insurance, medical ethics, due diligence

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