Uncertainty, health-care technologies, and health-care choices
Risk-averse patients and doctors express apprehension over the use of medical technology and its integration into health care when its effects are uncertain. Such uncertainty raises questions over possible complications that may erode health care benefits, particularly on patient mortality. Results from randomized controlled trials for acute myocardial infraction treatment highlighted the need for clinical and economic integration in studying medical treatment effects.
Publication Name: American Economic Review
Extrinsic Uncertainty Revisited
The concept of extrinsic uncertainty is extended to a general framework when examining the relationship of uncertainty and equilibria in market participation. Von Morgenstern utility functions are extended to ordinal utility functions. Extrinsic uncertainty does not matter for a pure exchange economy in the general framework.
Publication Name: Journal of Economic Theory
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