Economic Theories and Models in Health Care Health, Medicine, Nursing (Other (Not Listed) Sample)
Complete the "NUR-621 Economic Theories and Models in Health Care" worksheet. This assignment explores the efficiency and components of current health care models.
Your responses should be based on evidence. Include references to your textbook and one scholarly article.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.
NUR-621 Economic Theories and Models in Health Care
The purpose of this assignment is to describe economic theories and models in health care. Include your responses in the worksheet listed below and base your responses on evidence. Include references to your textbook and one scholarly article. The four theories/models are listed below.
Description/Definition Example Related to Health Care Components
1. Efficiency There are three efficiency theories applicable in healthcare; Pareto efficiency/Pareto, Kaldor–Hicks improvement, and Zero Profit Theorem. Pareto Optimality is a theory in which the initial allocation of goods among individuals changes to make an individual better without making anyone else worse (Barr, 2020). Kaldor-Hicks Efficiency is a theory in which the final outcome is viewed to be more effective if a Pareto optimal outcome is achieved by ensuring sufficient compensation to individuals and ensuring those who were worse do not become worse than they were initially (Sharma, Giri, Haque, & Tetteh, 2018).
On the other hand, the Zero Profit Theory involves entry into an industry that is competitive, and this continues until all the opportunities available for gaining positive economic gains have been fully exploited or simply reduced to zero (Shalom, Wong, & Zaks, 2020). An example of application of Pareto Optimal is allocating more resources and attention to autistic patients without negatively affecting the other sectors within the healthcare sector.
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