While randomized control trials are gold-standard, we don't use them in economics often to explore causal relationships. Why? Provide three reasons.
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While randomized control trials are gold-standard, we don't use them in economics often to explore causal relationships. Why? Provide three reasons.
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- Meyer (1995) lists nine threats to internal validity of natural experiments. Describe three.Why is random assignment of participants to control and treatment groups a central feature oflab, social and field experiments?The insured population requiring care from the health services falls into one of two groups (pathologies to treat): type A and type B patients. Let's assume that there is only one patient per group. So, there are patients of one type (A) with a disease that reduces their health status in 5 QALYS, and there are patients of another type (B) with an illness that reduces their health status in 3 QALYS. Several drugs are available to the population. The more expensive they are, the greater their efficacy and the greater the number of QALYS gained. The price of a drug is related to its effectiveness and the price of the drug rises by one monetary unit for each additional QALY it provides. Therefore, to be able to restore their health, type A patients need a drug priced at 5 monetary units, and type B patients need a drug priced at 3 monetary units. Both patients (A and B) have the same income, 10 monetary units. What sacrifice, in welfare units per QALY, must a type B patient endure to be…
- What would each scenario be? Following the lemiux modelThe ongoing COVID-19 pandemic has disrupted both the education and health system in most, if not all, nations in the world. The scarring effects of the pandemic are predicted to be long-lasting, some of which are the fear of learning-loss and lower future earnings for the current students. Provide evidence(s) that support and/or contradict this statement! If such scarring is expected to occur, would the scarring effects would be worse for the developing countries than the developed ones, and whether the effects would be worse for certain groups such as the poor, women, children, etc.!An article in JAMA by Mandelblatt et al (2002) compared the societal costs and benefits of human papillomavirus (HPV) testing, Pap testing, and their combination to screen for cervical cancer. The paper studied 18 different population screening strategies – Pap testing alone, HPV testing alone, and Pap plus HPV testing – every 2 or 3 years for women beginning at age 20 and continuing to 65 years, 75 years, and death. The following table summarizes some of the results (low cost to high cost). Costs include screening and treatment costs, discounted over the individual’s expected lifetime. Strategy Cost ($) QALYs Saved Incremental Cost Incremental QALY ICER* 0. No screening 5,000 26.87 1. Pap every 3 years to age 75 6,825 27.02 2. HPV every 3 years to age 75 6,950 27.02 3. Pap every 2 years to age 75 7,275 27.04 4. Pap + HPV every 3 years to age 75 7,400 27.04 5. HPV every 2 years to age 75 7,450…
- Distinguish between correlation and causation.Herd immunity is not a new term. We know there is risk, controversy, and misinformation associated with vaccines. For this discussion, we will focus on Herd immunity and economics associated with disease management. Globally, many health experts are working to understand disease origin, progression, and the overall financial impacts of disease management. When it comes to pandemics such as COVID-19, what is the economic difference between treatments with preventative measures (vaccines) versus treating patients post infection for complications as needed? What makes the most economic sense as we move toward the goal of herd immunity?QUESTION 17 ID probabilistic model and safety stock In a safety stock problem where both demand and lead time are variable, demand averages 150 units per day with a daily standard deviation of 16, and lead time averages 5 days with a standard deviation of 1 day. What is the standard deviation of demand during lead time? Ⓒ15 100 154 13,125
- In a series of houses actually invaded by smallpox, 70% of the inhabitants are attacked and 85% have been vaccinated. What is the lowest percentage of the vaccinated that must have been attacked?Modify the S-I-R model for an epidemic to take into account vaccinations of people at a constant rate d, assuming that someone vaccinated immediately is no longer susceptible. Find a formula for dI/dS for the resulting model.In particular, we want to know whether the scrappage scheme can create a moral hazard problem. To guide our analysis, consider the following simple model. The government would like to introduce a subsidy to help citizens who need their car for work and cannot afford to buy a ULEZ-compliant car. It also wants to ensure that only citizens who need to drive their car regularly use the subsidy. Instead of the two groups of citizens discussed above, we focus on one particular citizen who does not drive very often, only once a year. As a result, this citizen does not emit excessive pollution even with a car that is not ULEZ-compliant. The government would therefore prefer citizens like her not to buy a new car to avoid having to pay the subsidy unnecessarily. Once a year, the citizen derives a benefit of driving through the ULEZ area of B = 20. She can choose to either buy a new ULEZ-compliant car at a cost of C = 10, 000, denoted x = new, or stick with her old car at no cost, denoted x =…