Geruso Michael, Layton Timothy J, McCormack Grace, Shepard Mark
University of Texas at Austin and NBER.
Harvard University and NBER.
Rev Econ Stat. 2023 Mar;105(2):237-257. doi: 10.1162/rest_a_01070. Epub 2021 Jul 9.
Insurance markets often feature consumer sorting along both an extensive margin (whether to buy) and an intensive margin (which plan to buy). We present a new graphical theoretical framework that extends a workhorse model to incorporate both selection margins simultaneously. A key insight from our framework is that policies aimed at addressing one margin of selection often involve an economically meaningful trade-off on the other margin in terms of prices, enrollment, and welfare. Using data from Massachusetts, we illustrate these trade-offs in an empirical sufficient statistics approach that is tightly linked to the graphical framework we develop.
保险市场通常具有消费者在广度边际（是否购买）和深度边际（购买哪种保险计划）上的分类特征。我们提出了一个新的图形化理论框架，该框架扩展了一个常用模型，以同时纳入这两个选择边际。我们框架的一个关键见解是，旨在解决一个选择边际的政策，在价格、参保人数和福利方面，往往在另一个边际上涉及具有经济意义的权衡。利用来自马萨诸塞州的数据，我们通过一种与我们开发的图形框架紧密相关的实证充分统计方法来说明这些权衡。
