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The Pricing of Physicians' Services

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  • Stephen E. Margolis

Abstract

This paper provides a model of the pricing of a physician's output. Each medical specialty behaves as a cartel, choosing prices which maximize profits for a representative practitioner. Two assumptions distinguish the model from previous work, and generate key results: (1) Within specialties, all activities have the same price per unit of physician's time. (2) For physicians, there are no artificial barriers to entry into specialty practice. The model implies a "surplus" of surgeons, an outcome which has been observed in the medical literature. Additional empirical tests are provided.

Suggested Citation

  • Stephen E. Margolis, 1983. "The Pricing of Physicians' Services," Journal of Human Resources, University of Wisconsin Press, vol. 18(4), pages 592-608.
    • Handle: RePEc:uwp:jhriss:v:18:y:1983:i:4:p:592-608
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