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Returns to Trainees in a Highly Regulated Labor Market / Michael R. Richards, Jonathan Seward, Christopher M. Whaley.
- Format:
- Book
- Author/Creator:
- Richards, Michael R.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w34365.
- NBER working paper series no. w34365
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2025.
- Summary:
- Human capital formation enhances worker productivity and firm performance. However, firms may not fully internalize the financial benefits from investing in employee skill-building, which can disincentivize worker training and suggest roles for government support. We examine these tradeoffs in the context of physician training through "residency" programs. Using the universe of Medicare inpatient and outpatient records from 2014-2019 and differences-in-differences analyses, we show that hospitals' productivity and revenues grow by 10-20% after underwriting a procedure-oriented residency--though heterogeneity exists. The hospitals benefiting from trainee labor conservatively net over $2 million per year, revealing substantive private incentives to finance physician training.
- Notes:
- October 2025.
- Print version record
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