The Determinants Of Cross-Sectional Variation In The Pricing Of Physicians' Services
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The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).
History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.
Dates of Existence
1898–present
Historical Names
- Department of Economic Science (1898–1910)
- Department of Economics and Political Science (1910-1913)
- Department of Applied Economics and Social Science (1913–1924)
- Department of Economics, History and Sociology (1924–1931)
- Department of Economics and Sociology (1931–1967)
Related Units
- College of Agricultural and Life Sciences (parent college)
- College of Liberal Arts and Sciences (parent college)
- College of Business (parent college)
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Abstract
Recent studies of physician pricing have pointed to the difficulty of developing a satisfactory theory of physician price determination. Wliile much thought has been given to the various special characteristics of the market for medical services (for example, see references 2, 5, 8, 9, 11, and 12), no single theory incorporates all the implications of such char acteristics. In addition, much of the limited empirical work on physician pricing fails to either support or reject proposed models having a priori appeal. For example, Newhouse constructed monopolistic and competitive models of physician pricing and attempted to demonstrate that his empirical results support the hypothesis that the market for physicians' services is monopolistic [13]. However, in a comment on the Newhouse study, Freeh and Ginsberg demonstrated that Newhouse's empirical findings could not distinguish between monopolistic and competitive pricing under standard profit maximization assumptions [6].