Town, Robert; Liu, Su - In: RAND Journal of Economics 34 (2003) 4, pp. 719-36
We estimate the welfare associated with the Medicare HMO program, now known as Medicare+Choice (M+C). We find that the creation of the M+C program resulted in approximately $15.6 billion in consumer surplus and $52 billion in profits from 1993 to 2000 (in 2000 dollars). This program most likely...
