Medicare physician-payment reform and the resource-based relative value scale: a re-creation of efficient market prices?

Article Abstract:

The RBRVS sets physicians' Medicare fees through a formula that takes into consideration the total 'work' that procedures require. This system relies on physicians to state how much work is required for each procedure. The RBRVS is more efficient than the old system, which based fees on historical patterns of fees in certain areas. Researchers have concluded that different physicians provide similar evaluations about work and that their responses are consistent with those of oversight committees.

Models, Evaluation, Medicare, Efficient market theory, Medical fees, Relative value scale payment systems (Medical care)

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Intertemporal prices and the U.S. trade balance

Article Abstract:

A representative-agent model was used to illustrate the trade deficit in the 1980s, particularly the relationship between the balance of trade in durable and nondurable goods. The model demonstrated that the role of intertemporal prices in durable goods was the primary distinction between the balance of trade in durables and nondurables. A decline in intertemporal prices would affect the balance of trade of durables more than that of nondurables.

Research, International trade, Prices, Balance of trade, Durable goods, Nondurable goods

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Relative Prices Concentration, and Money Growth

Article Abstract:

Price change in concentrated industries is examined in a model utilizing historical price change reaction to money supply change. The administered price hypothesis is rejected. Only a weak relationship is observed between concentration and price inertia.

Prices and rates, Testing, Industrial concentration, Hypothesis, Hypothesis (Logic)

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