To lower pharmaceutical expenditure,the Chinese government has replaced the Fixed Percent Markup (FPM) policy with the policies of the Separation of Outpatient Pharmacies from Hospitals (SOPH) and the Zero Markup Drug...To lower pharmaceutical expenditure,the Chinese government has replaced the Fixed Percent Markup (FPM) policy with the policies of the Separation of Outpatient Pharmacies from Hospitals (SOPH) and the Zero Markup Drug (ZMD).We build a multistage game theoretic model comprising a hospital and a drugstore to analyze the policies' impacts on the providers' drug selection and pricing behaviors.By comparing the equihibrium outcomes,we draw the following conclusions:(i) FPM,especially for one imposing a strict margin ceiling,actually induces an expensive prescription given patients' great compliance.(ii) Both SOPH and ZMD can conditionally lower patients' expenditure,and their performances rely on the hospital's selection.(iii) A proper rate of insurance coverage and a removal of drug rebate are helpful to improve the policies' performance.展开更多
In this paper,we consider the strategic interaction between the normal and sharp traders in a dynamic limit-order security market and its impact on the Chinese security market at different market volatility levels.We ...In this paper,we consider the strategic interaction between the normal and sharp traders in a dynamic limit-order security market and its impact on the Chinese security market at different market volatility levels.We find that when the proportion of sharp traders is less than a threshold in an orderdriven market,the sharp traders who submit limit orders will get more returns than the normal traders.The participation of sharp traders in the market can increase the total social welfare of all the traders.In addition,we show that:(1)when the market volatility level is generally low,the short-term sharp traders benefit from larger volatility;(2)when the market volatility level is generally high,the insider/cheating sharp traders with high-frequent trading rather than the short-term sharp traders benefit from extreme high volatility;(3)when the market volatility level is moderate,the sharp traders can increase market liquidity.展开更多
基金supported in part by the National Natural Science Foundation of China under grant Nos.71390334 and 71661167009the National Social Science Fund under grant No.KBN15001531.
文摘To lower pharmaceutical expenditure,the Chinese government has replaced the Fixed Percent Markup (FPM) policy with the policies of the Separation of Outpatient Pharmacies from Hospitals (SOPH) and the Zero Markup Drug (ZMD).We build a multistage game theoretic model comprising a hospital and a drugstore to analyze the policies' impacts on the providers' drug selection and pricing behaviors.By comparing the equihibrium outcomes,we draw the following conclusions:(i) FPM,especially for one imposing a strict margin ceiling,actually induces an expensive prescription given patients' great compliance.(ii) Both SOPH and ZMD can conditionally lower patients' expenditure,and their performances rely on the hospital's selection.(iii) A proper rate of insurance coverage and a removal of drug rebate are helpful to improve the policies' performance.
基金supported in part by the National Natural Science Foundation of China(NSFC)under grant numbers 71901027the China Postdoctoral Science Foundation 2019M660509+2 种基金the Science and Technology Innovation Program of Beijing Forestry Unlversity(BLX201829)the National Natural Science Foundation of China(NSFC)under Grant Nos.71661167009 and 71711530714NSFC/Research Grants Council under Grant No.3-RAA7.
文摘In this paper,we consider the strategic interaction between the normal and sharp traders in a dynamic limit-order security market and its impact on the Chinese security market at different market volatility levels.We find that when the proportion of sharp traders is less than a threshold in an orderdriven market,the sharp traders who submit limit orders will get more returns than the normal traders.The participation of sharp traders in the market can increase the total social welfare of all the traders.In addition,we show that:(1)when the market volatility level is generally low,the short-term sharp traders benefit from larger volatility;(2)when the market volatility level is generally high,the insider/cheating sharp traders with high-frequent trading rather than the short-term sharp traders benefit from extreme high volatility;(3)when the market volatility level is moderate,the sharp traders can increase market liquidity.
