Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program
利用处方药索赔数据，研究老年人在Medicare D部分计划中的选择行为，发现他们过度看重保费而忽视自付费用，若理性选择则福利可提高27%。
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.