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Value Based Cost Sharing and Moral Hazard Theory: Medical Effectiveness in Insurance Benefits Design
National Bureau of Economic Research [NBER] 
Apr. 24, 2007
Excerpt: The conventional theory of optimal coinsurance rates in health insurance in the presence of moral hazard indicates that, in situations of equal risk characteristics, coinsurance should vary if the price-responsiveness or price-elasticity of demand for different medical services varies, and should be larger for the more price responsive services. An alternative theory called 'value-based cost sharing' indicates that coinsurance should be lower for services[.]
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