2021 Nobel Prize in Economics goes to Card, Angrist and Imbens

The 2021 Nobel Prize in Economics goes to David Card, Joshua Angrist and Guido Imbens due to their work on “natural experiments” and how this econometric technique can inform important research questions in labor economics. From the Nobel Prize press release: Using natural experiments,┬áDavid Card┬áhas analysed the labour market effects of minimum wages, immigration and…

How happy are you?

This question seems simple, but answering the key factors that impact your happiness is complex. Is happiness based on your personal situation (e.g., family, job, income, health) measured in an absolute sense or relative to others? If measured in a relative sense, what reference point is used? One approach to measuring your life satisfaction is…

Distributional Cost Effectiveness Analysis: A simple example

I have written previously about the need for distributional cost-effectiveness analysis (DCEA) which would increase the value of treatments who improve the health for individuals who currently have the worst expected quality-adjusted life expectancy (QALE). I’ve written about this in AJMC and Health Affairs among other places. One key question many individuals may have is…

Uncertainty and Vaccination Decisions

An interesting result from Courbage and Peter (2021): …uncertainty about the probability of side effects and the efficacy of the vaccine always reduces take-up under ambiguity aversion. However, uncertainty about the underlying disease, being the probability of sickness or the probability of a severe course of disease, may either encourage or discourage vaccination. Because vaccination…

Measuring Hospital Quality

Quality of care is difficult to measure. Even if you had a perfect measure of quality in terms of health outcomes, risk adjustment is imperfect. For instance, academic medical centers are often assumed to have high quality, but actual outcomes observed in the data may not be that good if they also receive the sickest,…