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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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Arrow (1963)

Arrow (1963)

Uncertainty and the Welfare Economics of Medical Care

(p.81) Arrow (1963)
Moral Hazard in Health Insurance

Kenneth J. Arrow

Columbia University Press

This chapter provides the framework of Kenneth J. Arrow's seminal article “Uncertainty and the Welfare Economics of Medical Care,” which consists of four parts. The first part focuses on the scope and method of the operation of the medical care industry and the efficacy with which it satisfies the needs of society. The second part covers a list of some special characteristics of medical care which distinguish it from the usual commodity of economic textbooks. The third part outlines some of the considerations within the medical-care industry. The last part compares the operations of the actual medical care market with an ideal system wherein the usual commodities and services as well as insurance policies against all conceivable risks are available.

Keywords:   Kenneth J. Arrow, Uncertainty and the Welfare Economics of Medical Care, medical-care industry, medical care, insurance policies

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