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Obamacare ignores the elasticity of demand for health insurance

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“Health insurance is subject to elasticity of demand,” actuarial firm Milliman explained in a 2011 report. “Individuals and groups will make purchasing decisions based on the cost of insurance, insurance options in other markets, and consideration of the consequences of being uninsured.” Economists use the term “elasticity of demand” to describe how responsive consumers are to changes in the...

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