Type of Market Failure in the Market for Health - Economics Assignment Help

Assignment Task

Health Economics
In response to the following questions you are expected to apply ‘economic thinking’ and you should demonstrate appropriate use of the lecture and recommended reading materials.
You can use the course materials to answer the questions with your own words which means that no references would be required. However, if you copy paste materials or use the work of others and pass it as your own you should make sure you comply with the University Assessment Regulations and policies. Our recommendation is to answer all the questions with the help of the course materials but using your own words.
Approximate word limits are indicative and points will not be deducted if your answers deviate from these guidelines.
Please answer questions 1-5. Note that some questions (1-5) may have multiple parts or draw material from different lectures. Answer ALL questions.
An electronic copy with a front cover must be submitted via Turnitin by 5pm, on 9th August 2021.
Instructions about how to submit your assignment are detailed in the Module Handbook which is available in GCU learn.

Question 
A perfectly competitive market is in equilibrium with price PE, as shown in the diagram below. Describe the impact on this market if we decrease the price from PE to P2? (200 words) 5 marks

Briefly discuss the “caring externality”. Why is the caring externality considered to be a type of market failure in the market for health? (200 Words) 5 marks
In a market for healthcare that does not meet the conditions for market equilibrium it leads to a market for healthcare insurance. Briefly discuss both concepts of consumer and provider moral hazard in healthcare insurance. (250 Words) 6 Marks
Briefly describe the “Capitation” system to pay doctors and outline the disadvantages of this system? (250 Words) 6 marks
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Question 2 (Total 20 Marks)
The National Health Service is considering introducing a new type of surgery for patients with unstable angina. This surgery will be performed using keyhole techniques rather than the traditional open surgery, but patients will still be required to make an overnight stay in hospital. You have been asked to conduct an economic evaluation of the new surgery.
Outline the three stages for costing that you would go through when conducting this economic evaluation. (150 words) 3 marks
Consider how you would measure resources in this economic evaluation. (200 Words) 4 marks
What are the typical problems we face when we value resources in economic evaluations? (150 words) 4 marks
(1) (2) (3) (4) (5) (6) (7)
Intervention
Total Cost Total Benefit (QALYS) Added cost (£) Added benefit (QALY) Average cost per QALY Incremental Cost per QALY
Open Surgery £4,000,000 250 £4,000,000 250 C E
Keyhole
Surgery £11,000,000 800 A B D F
What figures are missing from the table (indicated by A-F) in;(Please show your calculations)
Column 4 (box A) 1 Mark
Column 5 (box B) 1Mark
Column 6 (boxes C and D) 2 Marks
Column 7 (boxes E and F) 2 Marks
Explain why incremental cost per QALY is used in decision making. (150 words) 3 Marks
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Question 3 
Briefly describe cost-effectiveness analysis and cost-benefit analysis. What is the main difference between these two types of economic evaluation techniques? (300 Words) 8 Marks
Define variable cost and fixed cost in an economic evaluation (150 Words) 4 Marks
Briefly describe the cost-utility analysis technique of economic evaluation. What are the main problems when using this technique? (250 Words) 6 marks
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Question 4

Part 1
Economic evaluation of “upstream” public health interventions provides a framework for identifying the costs and benefits of the different options involved.
What difficulties are expected when evaluating “upstream” public health interventions? (150 words) 4 Marks
Briefly discuss the concepts of a) Perspective and b) Measurement in relation to “upstream” public health interventions. (150 words) 4 Marks
Part 2
In conventional cost-utility analysis all QALYs are typically given the same weight regardless of the characteristics of the person who is benefiting. What are the arguments against moving away from the “all QALYs are equal” approach? (150 words) 4 Marks
Describe how you could elicit societal values when making decisions on weighting QALYs? (150 words) 4 marks
Part 3
One way to measure benefit in an economic evaluation is willingness-to-pay (WTP). Define and briefly explain the concept of WTP (150 words) 4 Marks
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