Uncertain Times

Peter J. Hammer is Assistant Professor at the University of Michigan Law School.Deborah Haas-Wilson is Professor of Economics at Smith College.Mark A. Peterson is Professor of Policy Studies and Political Science at the University of California, Los Angeles, School of Public Policy and Social Research.William M. Sage is Professor at the Columbia University School of Law.

• 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 Competition General 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 Redistribution Health 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 Markets Arrow 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 Professionalism Arrow'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 Arrow Reflections on Reflections / Kenneth J. Arrow 321Contributors 327Index 335