LIFETIME EARNINGS AND THE PHYSICIAN'S CHOICE OF SPECIALTY,
Abstract
The objective of the study is to determine whether lifetime earnings in various physician specialties influence choice of field. If income does affect these decisions, what is the magnitude of the supply response. In Section II estimates of lifetime earnings are described. As is seen in Section III, specialty-general practice income differentials do not explain why virtually all medical school graduates enter residency programs in a physician specialty. Although earnings may not explain the decision to specialize, choices among particular specialties may reflect inter-specialty income differences. A model which measures the supply response to lifetime earnings is presented in Section IV. Although the sign of the lifetime earnings coefficient is significant in most regression equations at the one per cent level, the supply response to income is small. In Section V the lifetime earnings are replaced by a simplier measure of income, median earnings by specialty. The estimated response elacticities are virtually the same as before. Possible deficiencies in the model are examined in Section VI. Section VII contains concluding remarks. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- May 01, 1969
- Accession Number
- AD0687433
Entities
People
- Frank A. Sloan
Organizations
- RAND Corporation