The Utility-Maximizing Self-Employed Physician
AbstractWe 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 InfoArticle provided by University of Wisconsin Press in its journal Journal of Human Resources.
Volume (Year): 32 (1997)
Issue (Month): 1 ()
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Web page: http://jhr.uwpress.org/
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- Thomas F. Crossley & Jeremiah Hurley & Sung-Hee Jeon, 2009.
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- 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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