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Physician Specialty Choice under Uncertainty

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Author Info
Sean Nicholson (Wharton School, University of Pennsylvania)

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Abstract

Medical students must receive residency training in a specialty before they can practice medicine in the United States. Since the residents' salaries do not adjust across specialties, residency positions are rationed, and medical students face uncertainty when choosing a specialty. Using a data set with the preferred and realized specialties for 7,200 medical students, I estimate a model where students consider entry probabilities when selecting a specialty. I find that medical students are responsive to expected income differences between specialties, which implies that policies that increase the income of primary care physicians can address shortages in these specialties.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 20 (2002)
Issue (Month): 4 (October)
Pages: 816-847
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Handle: RePEc:ucp:jlabec:v:20:y:2002:i:4:p:816-847

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  1. Fernandez, Jose, 2006. "Evaluating the Effect of a Policy Change to Hospital Productivity: 80 Hours Work Restriction on Medical Residents," MPRA Paper 8620, University Library of Munich, Germany. [Downloadable!]
  2. Peter Arcidiacono & Sean Nicholson, 2000. "Peer Effects, Learning, and Physician Specialty Choice," Econometric Society World Congress 2000 Contributed Papers 1553, Econometric Society. [Downloadable!]
  3. Robert Gagné & Pierre Thomas Léger, 2003. "Determinants of Physicians' Decisions to Specialize," CIRANO Working Papers 2003s-07, CIRANO. [Downloadable!]
    Other versions:
  4. Peter Arcidiacono & Sean Nicholson, 2002. "Peer Effects in Medical School," NBER Working Papers 9025, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Courty, Pascal & Marschke, Gerald, 2008. "On the Sorting of Physicians across Medical Occupations," IZA Discussion Papers 3862, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  6. Jürg Schweri & Stefan C. Wolter & Joop Hartog, 2008. "Do Students Expect Compensation for Wage Risk?," Economics of Education Working Paper Series 0011, University of Zurich, Institute for Strategy and Business Economics (ISU). [Downloadable!]
    Other versions:
  7. Sean Nicholson, 2004. "How Much Do Medical Students Know About Physician Income?," NBER Working Papers 10542, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Sean Nicholson & Nicholas S. Souleles, 2001. "Physician Income Expectations and Specialty Choice," NBER Working Papers 8536, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-21.

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