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The Utility-Maximizing Self-Employed Physician

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  • James Thornton
  • B. Kelly Eakin

Abstract

We estimate a model of utility-maximizing physician behavior. Our model accounts for the interdependence of physician input, output, and work/leisure choices, and includes an endogenous virtual wage for physician own time in the medical practice. We find that solo practitioners respond to increases in marginal hourly earnings and nonpractice income by allocating less time to medical practice activities. Our results also suggest that fee reductions induce the substitution of physician own time for auxiliaries, and the net effect of this adjustment is reduced patient loads and a decrease in supply from the existing stock of solo practitioners.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Journal of Human Resources.

Volume (Year): 32 (1997)
Issue (Month): 1 ()
Pages: 98-128

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Handle: RePEc:uwp:jhriss:v:32:y:1997:i:1:p:98-128

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Web page: http://jhr.uwpress.org/

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Cited by:
  1. Thomas F. Crossley & Jeremiah Hurley & Sung-Hee Jeon, 2009. "Physician labour supply in Canada: a cohort analysis," Health Economics, John Wiley & Sons, Ltd., vol. 18(4), pages 437-456.
  2. Thornton, James, 1997. "Are malpractice insurance premiums a tort signal that influence physician hours worked?," Economics Letters, Elsevier, vol. 55(3), pages 403-407, September.
  3. Theodore Stefos & James Burgess & Jeffrey Cohen & Laura Lehner & Eileen Moran, 2012. "Dynamics of the mental health workforce: investigating the composition of physicians and other health providers," Health Care Management Science, Springer, vol. 15(4), pages 373-384, December.
  4. David Rudoler & Raisa Deber & Janet Barnsley & Richard Glazier & Audrey Laporte, 2014. "Paying For Primary Care: The Factors Associated With Physician Self-Selection Into Payment Models," Working Papers 140005, Canadian Centre for Health Economics.
  5. Sung-Hee Jeon & Jeremiah Hurley, 2010. "Physician Resource Planning in Canada: The Need for a Stronger Behavioural Foundation," Canadian Public Policy, University of Toronto Press, vol. 36(3), pages 359-375, September.
  6. Sung-Hee Jeon & Jeremiah Hurley, 2007. "The Relationship Between Physician Hours of Work, Service Volume and Service Intensity," Canadian Public Policy, University of Toronto Press, vol. 33(s1), pages 17-30, January.
  7. Chunzhou Mu & Shiko Maruyama, 2013. "Salient Gender Difference in the Wage Elasticity of General Practitioners' Labour Supply," Discussion Papers 2013-16, School of Economics, The University of New South Wales.

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