econ

4430 Project

1. Suppose that an peculiar has the subjoined advantage capacity, π‘ˆ=π‘Š., where U stands for advantage and W for Wealth. The peculiar ordinaryly has a net affluence of $400,000. The peculiar believes there is a 5% casualty they achieve get into a car garb this year. It is expected that a car garb would absorb them $100,000 (missing their overall affluence to $300,000).

a) How revolveable would it absorb to donation an actuarially serene protection system to serepay all lossesfrom a car garb? (In other say, what are the expected losses)

b) How revolveable would the peculiar be achieveing to pay for this system? (What are the maximumloading fees that an protection troop could entrust for this system)

c) Provide an model advantage capacity for a risk-averse, a risk-neutral, and risk-lovingindividual. You may use a graph or commonassign formula.

2. In one set-forth, 9 protection companies keep at lowest a five percent distribute of the trade. One stable controls a 30% distribute, two each keep a 20% distribute, and the cherishing six stables each keep a 5% distribute.

a) Calculate the HHI for protection in this set-forth.

b) What does this say encircling the raze of emulation? Provide a 2-3 judgment explication.

c) Suppose the largest stable decides to disunite into two stables (each has a 15% distribute). Calculate thenew HHI succeeding the disunite. Using economic supposition, substantiate and illustrebuke how the disunite may preference the absorb and kind of protection.

3. Suppose that of the 4,000 resigneds that are treated for stomach effort at Seattle Grace Hospital each year, 25 of them keep an undiagnosed button that achieve creator them to die in one year if not treated. A race touchstone that can properly substantiate all buttons absorbs $3,500 per touchstone. However, all resigneds treated for stomach effort must be touchstoneed in ordain to substantiate the 25 resigneds delay a button. People who keep the button removed are expected to speed for 20 further years. On mediocre, peculiars delay a button (delay or delayout receiving tenor) achieve possess a kind of animation of 0.75 on a QALY layer occasion they are alert. A year in faultless sanity (1 QALY) is valued at $50,000.

a) What is the absorb of race touchstoneing per year of animation saved?

b) What is the absorb of race touchstoneing per QALY?

c) Does a absorb-advantage resolution foundation prevalent the race touchstone on each resigned at Seattle Grace?

4. A examine finds advantage in giving resigneds the flu shot occasion they scrutinize the teacher for stereotype check-ups. Specifically, the chance of getting the flu drops from 30% for those not treated to 15% for those who entertain the vaccine. We revolve the absorbs and advantages of a clinic providing the flu shot for its 5,000 resigneds when:

-The absorb of the flu shot is $20

-The advantages from getting the flu shot developed for one year

-On mediocre, peculiars assign a advantage on not getting the flu at $250

a) Perform a absorb-advantage resolution of the flu shot. Does it preference the vaccination?

b) What is the absorb of the flu shot per occurrence avoided?

c) Now revolve that the advantage of not getting the flu is $200. Does this substitute your acceptance from multiply a? Explain.

5. Dragon Pox is a transferred indisposition that primarily occurs in older witches and wizards. St. Mungos hospital has a repay for this indisposition, named the TTT (mellow and penny technique), but it is not delayout drawbacks. Recently, the hospital has been touchstoneing three new be-undetermined tenors, brilliantly titled New Options A, B, and C. You are tasked delay performing a absorbadvantage resolution to collate the new alternatives to the ordinary tenor.

Current (TTT) New Liberty A New Liberty B New Liberty C

Mortaility Rate10%10%6%3%
Life Expectancy for Survivors (Years)25273032
Expected Survivor Kind of Animation (QALY layer)0.80.80.850.75
Initial Tenor Cost$5,000$12,000$20,000$22,000
Follow-up absorbs-year 1$2,500$5,000$4,000$5,000
Annual Follow-up absorbs, succeeding years$1,000$1,500$2,000$2,500

(a) What are the expected absorbs for survivors of each liberty? For decedents (stiff fall occurs upupright succeeding tenor)?

(b) What are the expected absorbs from each liberty? Remember to follow the torpor rebuke into revolveation for twain this and multiply c.

(c) Calculate the expected QALY's of each liberty.

(d) Graph the effectiveness and absorbs of each liberty. In Excel, this can be executed using an XY Scatter devise.

Effectiveness should be on the Y axis and Costs should be on the X axis.

(e) Calculate the ICER's in conditions of concomitant absorbs per QALY gained.

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