TRUE OR FALSE? PLEASE EXPLAIN WHY
1. Both Rand Health Insurance Experiment and Oregon Medicaid Experiment conclude that price of health care is not a factor that affects the amount of health care people choose to recieve.
2. In Grossman Model, an individual gets utility from 2 types of good. These goods are “home good” (anything non-health that gives utility) and health care.
3. In Grossman Model health is a flow good.
4. Patient people have lower discount factors.
5. In Grossman Model, if an individual is healthy she has less time to allocate between work and leisure since she devoted more time to health improving activities and she has a time constraint. T/F