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How Do Financial Conditions Affect Professional Conduct? Evidence from Opioid Prescriptions

Author

Listed:
  • Isil Erel
  • Shan Ge
  • Pengfei Ma

Abstract

Can personal finances affect professional conduct? We find that healthcare providers increase opioid prescriptions when experiencing unfavorable home value changes, a proxy for wealth shocks. Results hold with office-by-year fixed effects and hold for providers living far from their offices, largely ruling out patient demand explanations. Effects are stronger among lower-income providers, those practicing in lower-income ZIP codes, and those treating minority patients. Higher opioid prescriptions predict more future business. Providers with lower housing returns also perform more preference-sensitive surgeries, but not urgent ones. Our findings show how personal financial pressure shapes professional conduct, with implications beyond healthcare.

Suggested Citation

  • Isil Erel & Shan Ge & Pengfei Ma, 2025. "How Do Financial Conditions Affect Professional Conduct? Evidence from Opioid Prescriptions," NBER Working Papers 34273, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34273
    Note: CF
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    More about this item

    JEL classification:

    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • I11 - Health, Education, and Welfare - - Health - - - Analysis of Health Care Markets
    • I13 - Health, Education, and Welfare - - Health - - - Health Insurance, Public and Private
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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