委托代理模型与供给诱导需求

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1、Principal-AgentModelandSupplierInducedDemandIntroductionLasttopicshowedimportanceofinformation–incaseofhealthinformationisnotalwaysperfectorelseitmaybeasymmetric.Owingtolackofinformationagencyproblemsarisewherebybuyers/sellersrelyonotherpartiestomakedecisionsontheirbehalf.Wehavealreadye

2、ncounteredasymmetricinformationincaseofinsurancemarketwhereitledtoproblemofadverseselection–insurancecompaniesdidnotknowwhetherpatientswerehighriskorlowrisk–incertaincasescanleadtomarketfailure.Hereweconcentrateonagencyissuesandparticularcaseofsupplierinduceddemand.Firstwebrieflyaskques

3、tion:whatistheextentofinformationproblemsinhealthsector?Asymmetryofinformationmayexistbetweenpatientanddoctorandalsobetweeninsurancecompanyandspecialist.Butmanyitemsofhealthcareexpendituresarecharacterisedbyareasonabledegreeofinformatione.g.regularmedicalcheck-upsorpurchaseofstandardmed

4、ications-alsomanymarketsarecharacterisedbylackofperfectinformatione.g.marketsforinsurance,cars,hi-fiequipmentetc.Alsoifasufficientnumberofwell-informedconsumersexisttheymaybesufficientinnumbertoimposemarketdisciplinee.g.inmarketforpersonalcomputers.Therearealsomechanismstodealwiththesep

5、roblemstosomedegreee.g.licensure,certification,threatoflegalactionetc.Butalsonotethatinsomecasesthesemayjustbewaysofperpetuatingrestrictivepractices!Butmaybeproblemwithhealthisthatifmistakesaremadetheymaybeverydifficulttoreverseunlikemistakesmadeinpurchaseofothergoods.TheAgencyRelations

6、hipAgencyrelationshipisformedwhenaprincipal(e.g.apatient)delegatesdecision-makingauthoritytoanotherpartytheagent(e.g.adoctor).Canalsohave,say,DepartmentofHealthdelegatingdecisionstoindividualGPs.Motivebehindsuchdelegationisthatprincipalsrecognizetheyarerelativelyuninformedaboutmostappro

7、priatedecisionstobemade–thisissolvedbyuseofaninformedagent.Thusasymmetryofinformationiscentraltoagencyissues.Otherexamplewouldbeshareholderswhodelegatedecisionsretheircompanytoamanagingdirector.Welookattwoexamplesofproblemsinagency(1)problemofahealthauthorityorhealthdepartmenti