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Life Cycle Wages of Doctors - An Empirical Analysis of the Earnings of Norwegian Physicians

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  • Fjeldvig, Knut

    () (Department of Economics, University of Oslo)

Abstract

We use individual panel data to estimate ageearnings profiles for Norwegian physicians. Based on data covering the 19932006 period we find that the ageearning profiles of physicians share many of the attributes of the classical Mincer function. Physician`s earnings rise, but a decreasing rate, for the first 20 years after medical training; they peak between the ages of 55 and 59; and they decline slightly toward the end of the career. We observe that there will be complications when using the regular crosssectional methods because of cohort and period effects on income. Using fixedeffects method therefore provides a more accurate picture of the profiles. When looking at profiles by gender we find that there are large differences between the earnings of male and female physicians, some of which can be attributed to reduced labor supply during childrearing years and some to lower investments in specialization among female doctors. We also discover differences in the profiles of physicians educated in Norway and abroad and discuss alternative explanations for this pattern.

Suggested Citation

  • Fjeldvig, Knut, 2009. "Life Cycle Wages of Doctors - An Empirical Analysis of the Earnings of Norwegian Physicians," HERO On line Working Paper Series 2009:11, Oslo University, Health Economics Research Programme.
  • Handle: RePEc:hhs:oslohe:2009_011
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    File URL: http://www.hero.uio.no/publicat/2009/2009_11.pdf
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    Cited by:

    1. Juergen Jung & Chung Tran, 2010. "Medical Consumption over the Life Cycle: Facts from a U.S. Medical Expenditure Panel Survey," Working Papers 2010-09, Towson University, Department of Economics, revised Mar 2013.

    More about this item

    Keywords

    Physicians; age-earnings; income; mincer function; gender; empirical analysis; Norway;

    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations

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