The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
More than two decades ago, a well‐known study on heart attack treatments provided evidence suggesting that, when appropriately adjusted for quality, medical care prices were actually declining (Cutler, McClellan, Newhouse, and Remler (1998)). Our paper revisits this subject by leveraging estimates from more than 8000 cost‐effectiveness studies across a broad range of conditions and treatments. We find large quality‐adjusted price declines associated with treatment innovations. To incorporate these quality‐adjusted indexes into an aggregate measure of inflation, we combine an unadjusted medical‐care price index, quality‐adjusted price indexes from treatment innovations, and proxies for the diffusion rate of new technologies. In contrast to official statistics that suggest medical care prices increased by 0.53 percent per year relative to economy‐wide inflation from 2000 to 2017, we find that quality‐adjusted medical care prices declined by 1.33 percent per year over the same period.
The research looked at Demand preference as it affects local rice supply in Niger State, Nigeria. Multi – stage sampling method was employed to obtain 125 household consumers of local Rice. The sampling of respondents cut across Agricultural zones 1, 2 and 3 of Niger State. Primary and Secondary data were used. Descriptive statistics like mean, frequency tables and percentages were employed to describe the socio – economic characteristics of the respondents. Vector Autoregressive model (VAR) was used to estimate production variables that granger caused local Rice supply. . Hedonic model was used to determine the effect of local Rice characteristics on the preference and willingness to pay by consumers. The result indicated the mean age of 45 for Niger. The household size has mean of 6 and years spent in school stood at 17 for Niger. The annual income mean were 414 thousand naira for Niger State. The granger causality equations show that, all variables granger caused production of local, Rice in Niger States except dlnarea. The dlnarea in Niger State was not significant. This means that it does not granger caused local Rice production. The result of hedonic model revealed that free from stone, whiteness, aroma, cohesion and taste were all significant. This means that all these attributes have great effect on price, preference and willingness to pay higher price for local Rice. These will encourage the producers to produce more and will lead to higher supply in the market.
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