A new look at Kenneth Arrow's classic study of the economics of health care: is his formulation still relevant 40 years later?

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