Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program: Reply
成果类型：
Article
署名作者：
Abaluck, Jason; Gruber, Jonathan
署名单位：
Yale University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/aer.20151318
发表日期：
2016
页码：
3962-3987
关键词：
摘要：
We explore the in- and out-of sample robustness of tests wice inconsistencies based on parameter restrictions in parametric models, focusing on tests proposed by Ketcham, Kuminoff, and Powers (2016). We argue that their nonparametric alternatives are inherently conservative with respect to detecting mistakes. We then show that our parametric model is robust to KKP's suggested specification checks, and that comprehensive goodness of fit measures perform better with our model than the expected utility model. Finally, we explore the robustness of our 2011 results to alternative normative assumptions highlighting the role of brand fixed effects and unobservable characteristics.