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Principal-Agent Relationship in Medical Care: Eliciting Patients’ Preferences in Patient-Doctor Relationship

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  • Hwa, Yen Siew

Abstract

As implicated in principal-agent theory, responding to patients’ needs and preferences should be the fundamental objective and be taken into consideration in designing of a health care financing system. This study attemps to characterize the patient’s preferences for information, this the utility function, during clinical consultation. An empirical study was carried out the context of a Malaysian health care setting involving 108 and 50 diabetic patients from a public and a private hospital respectively. Result from the analysis showed that diabetic pantients from both the hospitals gave priority to the quality rather than the quantity of information transferred. Socio-economic characteristics of the patient were introduced into the model in the form of interaction terms explained how preferences varied across patients.

Suggested Citation

  • Hwa, Yen Siew, 2005. "Principal-Agent Relationship in Medical Care: Eliciting Patients’ Preferences in Patient-Doctor Relationship," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 39, pages 71-88.
    • Handle: RePEc:ukm:jlekon:v:39:y:2005:i::p:71-88
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