RAND Health Insurance Experiment II - by Robin Hanson

I reported yesterday on the RAND health insurance experiment:

I reported yesterday on the RAND health insurance experiment: Thousands of people randomly given free medicine in the late 1970s consumed 30-40% more medical services, paid one more "restricted activity day" per year to deal with the medical system, but were not noticeably healthier. So unless the marginal value of medicine has changed in the last thirty years, if you would not pay for medicine out of your own pocket, then don’t bother to go when others offer to pay. The extra medical care induced by free medicine seems to have no health value. But what do we know about the value of common…

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