Replication data for: Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program: Comment
Principal Investigator(s): View help for Principal Investigator(s) Jonathan D. Ketcham; Nicolai V. Kuminoff; Christopher A. Powers
Version: View help for Version V1
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Project Citation:
Ketcham, Jonathan D., Kuminoff, Nicolai V., and Powers, Christopher A. Replication data for: Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program: Comment. Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112944V1
Project Description
Summary:
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Consumers' enrollment decisions in Medicare Part D can be explained by Abaluck and Gruber's (2011) model of utility maximization with psychological biases or by a neoclassical version of their model that precludes such biases. We evaluate these competing hypotheses by applying nonparametric tests of utility maximization and model validation tests to administrative data. We find that 79 percent of enrollment decisions from 2006 to 2010 satisfied basic axioms of consumer theory under the assumption of full information. The validation tests provide evidence against widespread psychological biases. In particular, we find that precluding psychological biases improves the structural model's out-of-sample predictions for consumer behavior.
Scope of Project
JEL Classification:
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C52 Model Evaluation, Validation, and Selection
D12 Consumer Economics: Empirical Analysis
I13 Health Insurance, Public and Private
I18 Health: Government Policy; Regulation; Public Health
J14 Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination
C52 Model Evaluation, Validation, and Selection
D12 Consumer Economics: Empirical Analysis
I13 Health Insurance, Public and Private
I18 Health: Government Policy; Regulation; Public Health
J14 Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination
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