Estimating Welfare in Insurance Markets Using Variation in Prices

We are grateful to Felicia Bayer, Brenda Barlek, Chance Cassidy, Fran Filpovits, Frank Patrick, and Mike Williams for innumerable conversations explaining the institutional environment of Alcoa, to Colleen Barry, Susan Busch, Linda Cantley, Deron Galusha, James Hill, Sally Vegso, and especially Marty Slade for providing and explaining the data, to Tatyana Deryugina, Sean Klein, Dan Sacks, and James Wang for outstanding research assistance, and to Kate Bundorf, Raj Chetty, Peter Diamond, Hanming Fang, David Laibson, Jonathan Levin, Jim Poterba, Jonathan Skinner, and seminar participants at MIT, Stanford, Yale, the NBER Health Care Meeting, and SITE 2008 for helpful comments. The data were provided as part of an ongoing service and research agreement between Alcoa, Inc. and Yale, under which Yale faculty and staff perform jointly agreed-upon ongoing and ad-hoc research projects on workers' health, injury, disability and health care, and Mark Cullen serves as medical director for Alcoa, Inc. We gratefully acknowledge support from the National Science Foundation grant #SES-0643037 (Einav), the Alfred P. Sloan Foundation (Finkelstein), and the John D. and Catherine T. MacArthur Foundation Network on Socioeconomic Status and Health, and Alcoa, Inc. (Cullen). The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.