Replication data for: Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program: Reply

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 (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.

本文针对参数模型中基于参数约束的选择不一致性检验，探究其样本内与样本外稳健性，研究重点聚焦于Ketcham、Kuminoff与Powers（2016）提出的检验方法。本文认为，其提出的非参数替代检验方案在侦测决策偏差方面本质上较为保守。随后本文证实，本文所构建的参数模型可通过KKP（Ketcham, Kuminoff, and Powers）建议的设定检验，且相较于期望效用模型，本文模型的综合拟合优度指标表现更优。最后，本文针对多种替代规范假设，探究2011年研究结论的稳健性，着重凸显品牌固定效应与不可观测特征的作用。