Equilibrium in Competitive Insurance Markets with Medical Tourism

2021 ◽  
pp. 232102222110514
Author(s):  
Xinyan Shi ◽  
Lydia Gan
Keyword(s):  
Healthcare Costs ◽  
Medical Tourism ◽  
The United States ◽  
Jel Classification ◽  
Insurance Companies ◽  
Preference Heterogeneity ◽  
Insurance Markets ◽  
Insurance Contracts ◽  
Elective Treatment ◽  
The Individual

In recent years, the rising healthcare costs in the United States have led many citizens to travel outside the country for medical care. Although such practice, commonly known as ‘medical tourism’, has become more and more popular, many insurance companies hesitate to incorporate a medical tourism option into insurance contracts. In this article, we wish to understand the theoretical rationale of that by designing an insurance contract in an environment where medical tourism is available. One crucial characteristic that influences consumers’ decision on whether to choose medical tourism is their tolerance levels associated with unexpected costs when travelling abroad for healthcare. In this article, we wish to investigate how the individuals with preference heterogeneity would self-select between the options of domestic treatment and treatment abroad offered in the contract. The results suggest that when the healthcare costs from both the treatment abroad and the domestic treatment are high and/or there is a higher chance of needing an elective treatment for the individual, insurance companies will more likely incorporate medical tourism in the contract. JEL Classification: C73, I13, D82, D86

Time-inconsistent preferences and the minimum legal tobacco consuming age

2020 ◽  
pp. 104346312096460
Author(s):  
Bertrand Crettez ◽  
Régis Deloche
Keyword(s):  
Young People ◽  
The United States ◽  
Jel Classification ◽  
The European Union ◽  
Tobacco Products ◽  
Adult Age ◽  
Intertemporal Preferences ◽  
Minimum Age ◽  
Time Inconsistent ◽  
The Individual

In both the United States of America and the European Union, Member States are encouraged to prevent young people from starting to smoke by forbidding selling tobacco products to people under a certain age. By contrast, there are in general no legal minimum age requirements for consuming those products. Our aim is to address such discrepancy from a theoretical viewpoint by focusing on the case where people have time-inconsistent preferences. Specifically, we build a three-period (youth, adulthood, old age) model of smoking decision in which individual intertemporal preferences are present-biased. Then, using this model, we show that when agents are naive, that is when they are unaware that their intertemporal preferences are time-inconsistent, it may be worthwhile, from the individual viewpoint, to legally prevent young people from smoking. This conclusion does not always hold, because what is good for an agent in youth can be disputable in adult age (and conversely). When individuals are sophisticated, that is, not naive, a legal smoking age (either for buying, consuming or selling tobacco products) is pointless. This conclusion is also reached if one follows the continuing person approach advocated by Sugden. JEL Classification Numbers : I12, I18, K32, D15

Genetic information as the latest sign of discrimination

2021 ◽  
pp. 65-70
Author(s):  
I. Zharovska
Keyword(s):  
Genetic Information ◽  
The United States ◽  
Legal Regulation ◽  
Practical Significance ◽  
Insurance Companies ◽  
Financial Benefit ◽  
Voluntary Consent ◽  
Foreign Law ◽  
Wide Range ◽  
The Individual

Purpose. Analysis of the latest form of discrimination against a person - according to genetic information, to find out the features of the legal regulation of anti-discrimination in foreign law in relations with insurance companies and employers. Method. The methodology includes a synergetic approach, which indicates the novelty and uncertainty of the latest legal phenomena that have emerged with the development of genetics and biomedicine. The following methods of scientific cognition were used during the research: terminological, comparison, normative-legal, historical. Results. Ukraine needs to update its legal regulations in the field of anti-discrimination. The development of genetics and medicine has opened up the possibility of obtaining a wide range of genetic information. The law should regulate the scope of possible use of information and be based on the principle of voluntary consent to receive it and the individual right to disclose information. Genetic information can be used by employers to give a prerogative to certain categories of workers and insurance companies to obtain a higher level of financial benefit by infringing on people with genetic defects. To combat this type of discrimination, it is proposed to implement the positive experience of the United States in creating specialized legislation. Scientific novelty. In the course of the research it was established that the development of legal policy in the field of combating and preventing discrimination on the basis of genetic information should consist in a comprehensive legal regulation of the issue from the standpoint of medical, civil, family and labor relations. Practical significance. The results of the study can be used in lawmaking as a proposal to supplement anti-discrimination legislation and medical law.

scholarly journals Postoperative complications: an observational study of trends in the United States from 2012 to 2018

BMC Surgery ◽  
2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Emilie Even Dencker ◽  
Alexander Bonde ◽  
Anders Troelsen ◽  
Kartik Mangudi Varadarajan ◽  
Martin Sillesen
Keyword(s):  
Postoperative Complications ◽  
Healthcare Costs ◽  
Predictor Variable ◽  
The United States ◽  
Incidence Rates ◽  
Major Surgery ◽  
Complication Rates ◽  
Regression Analyses ◽  
The Individual ◽  
Over Time

Abstract Background Postoperative complications continue to constitute a major issue for both the healthcare system and the individual patient and are associated with inferior outcomes and higher healthcare costs. The objective of this study was to evaluate the trends of postoperative complication rates over a 7-year period. Methods The NSQIP datasets from 2012 to 2018 were used to assess 30-day complication incidence rates including mortality rate following surgical procedures within ten surgical subspecialties. Multivariable logistic regression was used to associate complication rates with dataset year, while adjusting for relevant confounders. Results A total of 5,880,829 patients undergoing major surgery were included. Particularly the incidence rates of four complications were found to be decreasing: superficial SSI (1.9 to 1.3%), deep SSI (0.6 to 0.4%), urinary tract infection (1.6 to 1.2%) and patient unplanned return to the operating room (3.1 to 2.7%). Incidence rate for organ/space SSI exhibited an increase (1.1 to 1.5%). When adjusted, regression analyses indicated decreased odds ratios (OR) through the study period years for particularly deep SSI OR 0.92 [0.92–0.93], superficial SSI OR 0.94 [0.94–0.94] and acute renal failure OR 0.96 [0.95–0.96] as the predictor variable (study year) increased (p < 0.01). However, OR’s for organ/space SSI 1.05 [1.05–1.06], myocardial infarction 1.01 [1.01–1.02] and sepsis 1.01 [1.01–1.02] increased slightly over time (all p < 0.01). Conclusions Incidence rates for the complications exhibited a stable trend over the study period, with minor in or decreases observed.

scholarly journals THE PROBLEMS OF THE DOMESTIC REINSURANCE DEVELOPMENT IN CONDITIONS OF FINANCIAL INSTABILITY

2021 ◽  
Vol 3 (38) ◽  
pp. 154-161
Author(s):  
O. Stashchuk ◽  
O. Borysyuk ◽  
M. Datsyuk-Tomchuk
Keyword(s):  
Financial Stability ◽  
Rapid Development ◽  
Jel Classification ◽  
Insurance Companies ◽  
Financial Resources ◽  
Financial Instability ◽  
Insurance Company ◽  
Insurance Portfolio ◽  
The Individual ◽  
Insured Event

Abstract. Financial instability stems from the excessive volatility in the financial markets, the weakness of financial institutions and the inability of financial sector companies to fulfill their obligations, and it is no exception to insurance companies that do not have sufficient financial resources to reinsure. In modern conditions, reinsurance provides stability to the development of the insurers and is one of the most important tools that provides effective protection against various natural, man-made and other risks. The lack of financial resources of the insurance companies objectively determines the limitations of their ability to insure large risks. Reinsurance enables the insurance companies, by attracting funds from other insurers, to ensure the honest fulfillment of their obligations to insure payment at the onset of an insured event, while maintaining the stability of their financial situation. Admission to the insurance of expensive objects is dangerous for the individual insurer’s financial stability through the coverage of losses in the insured event. Admission to the insurance of expensive objects is dangerous for the individual insurer’s financial stability through the coverage of losses in the insured event. The need for reinsurance is due, among other things, to regulatory requirements for capital and assets and provides tools for rapid development of the insurance portfolio. Simultaneously reinsurance enables to protect the insurance portfolio from the influence on it of a series of large insurance risks, including catastrophic, so that the payment of insurance compensations on them does not pose a heavy burden on the one insurance company, but is carried out collectively by all participants in reinsurance. As a result, reinsurance allows you to take insurance risks that far outweigh the insurer’s own financial resources. Thus, the reinsurance system is a guarantee of financial stability of any insurance company, providing protection of its capital, and the basis for increasing the volume and quality of insurance services. In Article, the essence and significance of reinsurance in the conditions of globalization of the world economy were considered, as well as analysis of the main tendencies of the domestic reinsurance market development and the problems of its development in Ukraine were revealed. Keywords: insurance, financial instability, volatility, financial market, reinsurance, commission remuneration. JEL Classification E44, G20, G22, O16 Formulas: 0; fig.: 2; tabl.: 4; bibl.: 15.

scholarly journals Weather Derivatives: Usage Possibilities for the Lithuanian Economy

2010 ◽  
Vol 49 (1) ◽  
pp. 62-68
Author(s):  
Rūta Kropienė ◽  
Gžegož Jurgo
Keyword(s):  
Financial Markets ◽  
Business Management ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Weather Derivatives ◽  
New Class ◽  
Number Of Factors ◽  
Bad Weather ◽  
The Impact

The impact of weather on many commercial and recreational activities is significant and varies both geographically and seasonally. Many industries, including agriculture, energy, utility, construction, tourism and other businesses, are either favourably or adversely affected by “bad” weather. For this reason, financial markets have devised a relatively new class of instruments, the so-called “weather derivatives”, the first of which were launched in 1996 in the United States. There is a number of factors behind the growth in the weather derivatives market. One of these is the deregulation of energy markets. Another one is that capital and insurance markets have come closer to each other. A weather derivative is the new­est product of the financial derivatives market. It al­lows a market participant to minimise a risk from daily weather fluctuations, while insurance companies sell insurance against catastrophic events. The main aim of this article is to explore possi­bilities to use weather derivatives for the Lithuanian economy. To reach the aim, the following goals were set: to describe products of weather derivatives and their features and to present the possibilities to use these derivatives in the Lithuanian economy on the basis of an example of temperature derivatives. A hypothesis is made that Lithuanian companies could discover new possibilities for business management through the use of weather derivatives. The methods used in the paper are as follows: comparative analysis, indexes, regression and correla­tion analysis.

scholarly journals Differences in financial statements of business entities in the Czech Republic

2013 ◽  
Vol 61 (2) ◽  
pp. 335-343 ◽  
Author(s):  
Jana Gláserová
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Financial Statements ◽  
The United States ◽  
Financial Statement ◽  
Insurance Companies ◽  
The Czech Republic ◽  
Ministry Of Finance ◽  
Business Entities ◽  
The Individual

Ministry of Finance in the Czech Republic identifies and defines four types of accounting entities that are engaged in business activities. These are the “normal” business entities, business entities as banks, commercial insurance companies and health insurance companies. For each of these types of entities the Ministry of Finance issued relevant regulations that contain specific accounting policies arising mainly from the specifics of the scope of business activities of these entities. The effects of these specifics are ultimately shown also in the individual parts of the financial statement closing. In contrast the International Financial Reporting Standards (IFRS) and also generally accepted accounting principles of the United States (U.S. GAAP) are valid for all listed entities regardless of their size and scope of activities. The ongoing globalization of the world, transnational mergers and acquisitions of various companies brings the requirements for unification of accounting policies in order to achieve comparability of financial statements closing of companies from different countries, their transparency and completeness of published information in the individual countries. This paper deals with the definition of significant differences in the items of financial statement closing of different types of business entities in the Czech Republic and with the formulation of proposals for individual types of entities, which would contribute to easier orientation and grater comparability for the needs of different users of accounting information.

‘A Routh O’ Auld Nick-Nackets’ – the antiquarian collection of John Rae

2015 ◽  
Vol 36-37 (1) ◽  
pp. 163-183
Author(s):  
Paul Taylor
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
Social Context ◽  
Moral Education ◽  
The United States ◽  
Representative Case ◽  
National Museums ◽  
The Individual ◽  
The University

John Rae, a Scottish antiquarian collector and spirit merchant, played a highly prominent role in the local natural history societies and exhibitions of nineteenth-century Aberdeen. While he modestly described his collection of archaeological lithics and other artefacts, principally drawn from Aberdeenshire but including some items from as far afield as the United States, as a mere ‘routh o’ auld nick-nackets' (abundance of old knick-knacks), a contemporary singled it out as ‘the best known in private hands' (Daily Free Press 4/5/91). After Rae's death, Glasgow Museums, National Museums Scotland, the University of Aberdeen Museum and the Pitt Rivers Museum in Oxford, as well as numerous individual private collectors, purchased items from the collection. Making use of historical and archive materials to explore the individual biography of Rae and his collection, this article examines how Rae's collecting and other antiquarian activities represent and mirror wider developments in both the ‘amateur’ antiquarianism carried out by Rae and his fellow collectors for reasons of self-improvement and moral education, and the ‘professional’ antiquarianism of the museums which purchased his artefacts. Considered in its wider nineteenth-century context, this is a representative case study of the early development of archaeology in the wider intellectual, scientific and social context of the era.

A Review on Employee’s Voluntary Turnover: A Psychological Perspective

2020 ◽  
Vol 5 (2) ◽  
pp. 107-112
Author(s):  
Yan Zhen ◽  
Zuraina Dato Mansor
Keyword(s):  
Job Satisfaction ◽  
Turnover Intention ◽  
Turnover Rate ◽  
Psychological Capital ◽  
Voluntary Turnover ◽  
Work Conditions ◽  
Jel Classification ◽  
Mediating Effect ◽  
Psychological Perspective ◽  
The Individual

Objective – High voluntary turnover rate has become the focus of most employers and scholars in related fields. Although employers have attempted to use a variety of retention strategies to retain qualified and skilled employees, the turnover rate remains high in the vast majority of industries around the world. Methodology/Technique – Past studies are concerned mostly with employees’ external demands such as salaries, fringe benefits, work conditions and less focus has been given on the importance of employees’ internal needs based on psychological capital. Therefore, there is a need to perform a study on the turnover from this perspective as it is crucial not only to retain the individual but also to ensure their contentment and satisfaction are fulfilled by their organizations. Findings – This paper undertakes a review of existing literature which specifically addresses the perspectives of individual psychology, and simultaneously explains the relationship between the two psychological factors (namely psychological capital and person-environment fit) and the turnover intention with the mediating effect of job satisfaction. Novelty – The arguments are presented to emphasize the needs to carry out this study. Type of Paper: Review. Keywords: Psychological Capital; Person-organization Fit; Job Satisfaction; Turnover Intention. Reference to this paper should be made as follows: Zhen, Y; Mansor, Z.D. 2020. A Review on Employee’s Voluntary Turnover: A Psychological Perspective, J. Mgt. Mkt. Review 5(2) 107 – 112 https://doi.org/10.35609/jmmr.2020.5.2(3) JEL Classification: M54, Z32.

Hospice Care in the United States: The Process Begins

1983 ◽  
Vol 13 (2) ◽  
pp. 159-171 ◽  
Author(s):  
Robert W. Buckingham
Keyword(s):  
Home Care ◽  
Hospice Care ◽  
Care Facility ◽  
The United States ◽  
Considerable Change ◽  
Educational Institutions ◽  
Hospice Movement ◽  
Treatment Equipment ◽  
Centered Care ◽  
The Individual

The hospice concept represents a return to humanistic medicine, to care within the patient's community, for family-centered care, and the view of the patient as a person. Medical, governmental, and educational institutions have recognized the profound urgency for the advocacy of the hospice concept. As a result, a considerable change in policy and attitude has occurred. Society is re-examining its attitudes toward bodily deterioration, death, and decay. As the hospice movement grows, it does more than alter our treatment of the dying. Hospices and home care de-escalate the soaring costs of illness by reducing the individual and collective burdens borne by all health insurance policyholders. Because hospices and home care use no sophisticated, diagnostic treatment equipment, their overhead is basically for personal care and medication. Also, the patient is permitted to die with dignity. Studies indicated that the patient of a hospice program will not experience the anxiety, helplessness, inadequacy, and guilt as will an acute care facility patient. Consequently, a hospice program can relieve family members and loved ones of various psychological disorders.

Military Subsidization of Human Capital and Gender Stratification in the US Economy

2021 ◽  
pp. 048661342098262
Author(s):  
Tyler Saxon
Keyword(s):  
Human Capital ◽  
The United States ◽  
Jel Classification ◽  
Access To Higher Education ◽  
Gender Stratification ◽  
Us Economy ◽  
The Us ◽  
And Gender ◽  
Capital Development ◽  
The Military

In the United States, the military is the primary channel through which many are able to obtain supports traditionally provided by the welfare state, such as access to higher education, job training, employment, health care, and so on. However, due to the nature of the military as a highly gendered institution, these social welfare functions are not as accessible for women as they are for men. This amounts to a highly gender-biased state spending pattern that subsidizes substantially more human capital development for men than for women, effectively reinforcing women’s subordinate status in the US economy. JEL classification: B54, B52, Z13

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