How Much Do Medical Students Know About Physician Income?

25 Pages Posted: 17 Jun 2004 Last revised: 23 Apr 2021

See all articles by Sean Nicholson

Sean Nicholson

Cornell University - Department of Policy Analysis & Management (PAM); National Bureau of Economic Research (NBER)

Date Written: June 2004

Abstract

Twenty-five cohorts of medical students were asked in their first and fourth year of school to estimate contemporaneous physician income in six different specialties. The students' income estimation errors varied systematically over time and cross-sectionally by specialty and type of student. The median student underestimated physician income by 15 percent, and the median absolute value of the estimation errors was 26 percent of actual income. Students were 35 percent more accurate when estimating market income in their fourth relative to their first year, which indicates medical students learn a considerable amount before choosing a specialty.

Suggested Citation

Nicholson, Sean, How Much Do Medical Students Know About Physician Income? (June 2004). NBER Working Paper No. w10542, Available at SSRN: https://ssrn.com/abstract=556529

Sean Nicholson (Contact Author)

Cornell University - Department of Policy Analysis & Management (PAM) ( email )

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Ithaca, NY 14853
United States
607-254-6498 (Phone)

National Bureau of Economic Research (NBER)

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