Access to Credit Reduces the Value of Insurance

We thank Bartek Woda for excellent research assistance. We are grateful to participants at the Becker Friedman Institute Health Economics Initiative Annual Conference, the University of Southern California, and the University of Chicago Law School for helpful comments and feedback. Jaffe and Reif have no material and relevant financial relationships. Anup Malani thanks the Samuel J. Kersten Faculty Fund and the Microsoft Fund for financial support. Mr. Malani has served as a consultant for Precision Health Economics, Brattle Group, Keystone Strategy, Intensity, Cornerstone, and Compass Lexecon. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.