Physician Behaviour

Definition

Health Economics

  • Doctors' behaviour is usually assumed by economists to be utility-maximizing, in which the main arguments of the utility function are patient welfare/health, personal status (professional and social) and personal wealth. The weights attaching to these seem to be highly variable. More in the tradition of satisficing theory, some theories posit a target income. Some models have boldly assumed that the medical profession seeks to operate as a wealth-maximizing price-discriminating monopoly, and some professional behaviour in some jurisdictions seems consistent with this idea.
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