Peter J. Hammer is Assistant Professor at the University of Michigan Law School. Deborah Haas-Wilson is Professor of Economics at Smith College. Mark A. Peterson is Professor of Policy Studies and Political Science at the University of California, Los Angeles, School of Public Policy and Social Research. William M. Sage is Professor at the Columbia University School of Law.
Foreword / Mark V. Pauly vii
Preface / Victor R. Fuchs xiii
Kenneth Arrow and the Changing Economics of Health Care: "Why Arrow? Why
Now?" / Peter J. Hammer, Deborah Haas-Wilson, Mark A. Peterson, and William
M. Sage xvii
Uncertainty and the Welfare Economics of Medical Care (American Economics
Review, 1963) / Kenneth J. Arrow 1
Part 1: Supply, Demand, and Health Care Competition
General Equilibrium and Marketability in the Health Care Industry / Michael
Chernew 37
Arrow's Concept of the Health Care Consumer: A Forty-Year Retrospective /
Frank A. Sloan 49
Uncertainty and Technological Change in Medicine / Annetine G. Gelijns,
Joshua Graff Zivin, and Richard R. Nelson 60
Human Inputs: The Health Care Workforce and Medical Markets / Richard A.
Cooper and Linda H. Aiken 71
Health Care as a (Big) Business: The Antitrust Response / Clark C.
Havighurst 84
Part 2: Risk, Insurance, and Redistribution
Health Insurance and Market Failure since Arrow / Sherry A. Glied 103
Can Efficiency in Health Care Be Left to the Market? / Uwe E. Reinhardt 111
Valuing Charity / Richard Kronick 134
Medical Service Risk and the Evolution of Provider Compensation
Arrangements / Gloria J. Bazzoli 142
The Role of the Capital Markets in Restructuring Health Care / J. B.
Silvers 156
Part 3: Information, Knowledge, and Medical Markets
Arrow and the Information Market Failure in Health Care: The Changing
Content and Sources of Health Care Information / Deborah Haas-Wilson 169
The End of Asymmetric Information / James C. Robinson 181
Managing Uncertainty: Intermediate Organizations as Triple Agents /
Lawrence Casalino 189
Moral Hazard vs. Real Hazard: Quality of Care Post-Arrow / Michael L.
Millenson 202
Part 4: Social Norms and Professionalism
Arrow's Analysis of Social Institutions: Entering the Marketplace with
Giving Hands? / Peter J. Hammer 215
The Market for Medical Ethics / M. Gregg Bloche 230
The Role of Nonprofits in Health Care / Jack Needleman 243
Arrow on Trust / Mark A. Hall 259
From Trust to Political Power: Interest Groups, Public Choice, and Health
Care / Mark A. Peterson 272
Regulating Health Care: From Self-Regulation to Self-Regulation? / Peter D.
Jacobson 290
The Lawyerization of Medicine / William M. Sage 302
Part 5: Response by Professor Arrow
Reflections on Reflections / Kenneth J. Arrow 321
Contributors 327
Index 335
