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Improving the Quality of Choices in Health Insurance Markets
Jason Abaluck and Jonathan Gruber, for National Bureau of Economic Research [NBER] Dec. 12, 2016
"Using data on enrollment and medical claims for school district employees, [the authors] document large choice inconsistencies, with the typical employee foregoing savings of more than $600 in their insurance plan choice.... [I]nterventions to promote more active choice are unlikely to improve choice quality based on existing patterns of plan switching.... [R]estricting the choice set size facing individuals does significantly reduce their foregone saving and total costs. This is not because individuals choose worse with larger choice sets, but rather because larger choice sets feature worse choices on average that are not offset by individual re-optimization."
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