A model of health plan choice:
Journal of EconometricsPublished 1 November 1998
Katherine M. Harris, Michael P. Keane
Citations110
SJR quartileQ1
SJR score12.17
SNIP4.85
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TL;DR
An extended heterogeneous logit model is developed that incorporates information about attribute importance and allows for heterogeneity in tastes for observed and unobserved attributes and produces a substantial improvement in model fit and in the substantive interpretation of estimated parameters.
Abstract
In this paper, we model the elderly's choice among health plans using data from a 1988 study of the Minneapolis–St. Paul Medicare health plan market. We show how attitudinal data can be combined with revealed preference data to provide more reliable estimates of consumers' preferences for and perceptions of the attributes of choice alternatives. We develop an extended heterogeneous logit model that incorporates information about attribute importance and allows for heterogeneity in tastes for observed and unobserved attributes. Our results indicate that the inclusion of attitudinal information produces a substantial improvement in model fit and in the substantive interpretation of estimated parameters.
Keywords
Economics, Econometrics and Finance
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