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

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. (JEL D12, I11, J14)