Residency

Study: Resident salaries based on supply and demand

Residency Program Insider, March 20, 2015

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In a paper that will be published in a future issue of American Economic Review, Massachusetts Institute of Technology economist Nikhil Agarwal will argue that medical students’ preference for positions at prestigious residency program actually lowers the average annual resident salary by $23,000.
 
Using data collected by the National Graduate Medical Education census from 2003 to 2011 for his study, Agarwal found that residency applicants are willing to accept an “implicit tuition”—a difference in their actual salary compared to the salary their labor is worth—for a positions at prestigious and high-demand programs. Desirable programs are able to levy this implicit tuition to keep salaries low.
 
Source: The Wall Street Journal



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