A Market Basket Based outpatient Price Index with Private.

다국어 초록 (Multilingual Abstract)

Various price indices incur certain degrees of errors due to the inability of economists to observe a consumer’s utility level. In order to estimate the utility level, a fixed bundle of final goods and services are used. Even if most of the estimating methods incur a certain degree of estimating errors, more significant informational distortion could be incurred by constructing a price index with inappropriately defined prices and products.
The current medical care price index (MCPI) in the US and many other countries is constructed by measuring price changes of the major input factors of delivering final medical care services to the market. In the market basket for constructing MCPI, there should be final goods and services to measure changes in price. An alternative outpatient price index has been constructed with private insurance claims data. It treats diagnosis related outpatient treatment as an output service and the total cost of delivering a specific medical treatment as a price. The alternative outpatient price index reveals a significant diversion from the current outpatient price index constructed by the US Bureau of Labor Statistics (BLS).