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Abaluck, Jason, and
Jonathan Gruber. 2011. "Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program."
,
101(4): 1180-1210.
Show Article Details
DOI: 10.1257/aer.101.4.1180
Abstract:We evaluate the choices of elders across their insurance options
under the Medicare Part D Prescription Drug plan, using a unique
dataset of prescription drug claims matched to information on the
characteristics of choice sets. We document that elders place much
more weight on plan premiums than on expected out-of-pocket costs;
value plan financial characteristics beyond any impacts on their
own financial expenses or risk; and place almost no value on variance-
reducing aspects of plans. Partial equilibrium welfare analysis
implies that welfare would have been 27 percent higher if patients
had all chosen rationally. (JEL D12, I11, J14)
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Authors:
Abaluck, Jason (MIT)
Gruber, Jonathan (MIT)
JEL Classifications:
D12: Consumer Economics: Empirical Analysis
I11: Analysis of Health Care Markets
J14: Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination
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