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American Economic Review

Hamish Low, Luigi Pistaferri
We provide a life-cycle framework for comparing insurance and disincentive effects of disability benefits. The risks that individuals face and the parameters of the Disability Insurance (DI ) program are estimated from consumption, health, disability insurance, and wage data. We characterize the effects of disability insurance and study how policy reforms impact behavior and welfare. DI features high rejection rates of disabled applicants and some acceptance of healthy applicants. Despite worse incentives, welfare increases as programs become less strict or generosity increases...
October 2018: American Economic Review
Carlos Dobkin, Amy Finkelstein, Raymond Kluender, Matthew J Notowidigdo
We use an event study approach to examine the economic consequences of hospital admissions for adults in two datasets: survey data from the Health and Retirement Study, and hospitalization data linked to credit reports. For non-elderly adults with health insurance, hospital admissions increase out-of-pocket medical spending, unpaid medical bills and bankruptcy, and reduce earnings, income, access to credit and consumer borrowing. The earnings decline is substantial compared to the out-of-pocket spending increase, and is minimally insured prior to age-eligibility for Social Security Retirement Income...
February 2018: American Economic Review
Jason Abaluck, Jonathan Gruber
We explore the in- and out- of sample robustness of tests for choice inconsistencies based on parameter restrictions in parametric models, focusing on tests proposed by Ketcham, Kuminoff and Powers (KKP). We argue that their non-parametric 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...
December 2017: American Economic Review
Elaine Hill, Lala Ma
No abstract text is available yet for this article.
May 2017: American Economic Review
James J Heckman, Burton Singer
Abduction is the process of generating and choosing models, hypotheses and data analyzed in response to surprising findings. All good empirical economists abduct. Explanations usually evolve as studies evolve. The abductive approach challenges economists to step outside the framework of received notions about the "identification problem" that rigidly separates the act of model and hypothesis creation from the act of inference from data. It asks the analyst to engage models and data in an iterative dynamic process, using multiple models and sources of data in a back and forth where both models and data are augmented as learning evolves...
May 2017: American Economic Review
Emma Aguila, Arie Kapteyn, Francisco Perez-Arce
No abstract text is available yet for this article.
May 2017: American Economic Review
Sendhil Mullainathan, Ziad Obermeyer
No abstract text is available yet for this article.
May 2017: American Economic Review
Margaret Kyle, Heidi Williams
No abstract text is available yet for this article.
May 2017: American Economic Review
Jason Abaluck, Leila Agha, Chris Kabrhel, Ali Raja, Arjun Venkatesh
A large body of research has investigated whether physicians overuse care. There is less evidence on whether, for a fixed level of spending, doctors allocate resources to patients with the highest expected returns. We assess both sources of inefficiency exploiting variation in rates of negative imaging tests for pulmonary embolism. We document enormous across-doctor heterogeneity in testing conditional on patient population, which explains the negative relationship between physicians' testing rates and test yields...
December 2016: American Economic Review
Philippe Aghion, Ufuk Akcigit, Angus Deaton, Alexandra Roulet
In this paper we analyze the relationship between turnover-driven growth and subjective wellbeing. Our model of innovation-led growth and unemployment predicts that: (i) the effect of creative destruction on expected individual welfare should be unambiguously positive if we control for unemployment, less so if we do not; (ii) job creation has a positive and job destruction has a negative impact on wellbeing; (iii) job destruction has a less negative impact in US Metropolitan Statistical Areas (MSA) within states with more generous unemployment insurance policies; (iv) job creation has a more positive effect on individuals that are more forward-looking...
December 2016: American Economic Review
Oded Galor, Ömer Özak
This research explores the origins of observed differences in time preference across countries and regions. Exploiting a natural experiment associated with the expansion of suitable crops for cultivation in the course of the Columbian Exchange, the research establishes that pre-industrial agro-climatic characteristics that were conducive to higher return to agricultural investment, triggered selection, adaptation and learning processes that generated a persistent positive effect on the prevalence of long-term orientation in the contemporary era...
October 2016: American Economic Review
Jason Abaluck, Jonathan Gruber
We study choice over prescription insurance plans by the elderly using government administrative data to evaluate how these choices evolve over time. We find large "foregone savings" from not choosing the lowest cost plan that has grown over time. We develop a structural framework to decompose the changes in "foregone welfare" from inconsistent choices into choice set changes and choice function changes from a fixed choice set. We find that foregone welfare increases over time due primarily to changes in plan characteristics such as premiums and out-of-pocket costs; we estimate little learning at either the individual or cohort level...
August 2016: American Economic Review
Amitabh Chandra, Amy Finkelstein, Adam Sacarny, Chad Syverson
The conventional wisdom for the healthcare sector is that idiosyncratic features leave little scope for market forces to allocate consumers to higher performance producers. However, we find robust evidence - across several different conditions and performance measures - that higher quality hospitals have higher market shares and grow more over time. The relationship between performance and allocation is stronger among patients who have greater scope for hospital choice, suggesting that patient demand plays an important role in allocation...
August 2016: American Economic Review
Emily Oster, Ira Shoulson, E Ray Dorsey
The purpose of this document is to update and correct Figure 4 from "Optimal Expectations and Limited Medical Testing: Evidence from Huntington Disease" (Oster, Shoulson, and Dorsey 2013). This figure documents how perceptions about the risk of HD evolve with symptoms. It compares these perceptions with the "actual risk" of HD based on a Bayesian updating calculation described in the paper. The construction of Figure 4 is correctly described in the text of the paper and the data on perceptions are documented correctly...
June 2016: American Economic Review
Theophile T Azomahou, Raouf Boucekkine, Bity Diene
No abstract text is available yet for this article.
May 2016: American Economic Review
Francisca Antman, Brian Duncan, Stephen J Trejo
No abstract text is available yet for this article.
May 2016: American Economic Review
Monica Garcia-Perez
No abstract text is available yet for this article.
May 2016: American Economic Review
Frank Schilbach, Heather Schofield, Sendhill Mullainathan
No abstract text is available yet for this article.
May 2016: American Economic Review
Amitabh Chandra, Douglas Staiger
No abstract text is available yet for this article.
May 2016: American Economic Review
Padmaja Ayyagari, Daifeng He
This study evaluates the impact of medical expenditure risk on portfolio choice among the elderly. The risk of large medical expenditures can be substantial for elderly individuals and is only partially mitigated by access to health insurance. The presence of deductibles, copayments, and other cost-sharing mechanisms implies that medical spending risk can be viewed as an undiversifiable background risk. Economic theory suggests that increases in background risk reduce the optimal financial risk that an individual or household is willing to bear (Pratt and Zeckhauser 1987; Elmendorf and Kimball 2000)...
May 2016: American Economic Review
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