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In this week’s lecture, I introduced the RAND health insurance experiment conducted in the 1970s. In this experiment, a total of 2000 families consisting of 5800 persons have been randomly selected and enrolled in one of five health insurance plans for 3-5 years. The five plans were: free care (no co-insurance); 25% co-insurance; 50% co-insurance; 95% co-insurance; and a deductible of $150/person, or $450/family that applied to outpatient care only.
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Discussion