Table 3.
Sensitivity analyses concerning endogeneity (market-level model).
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|---|---|---|---|---|---|---|---|
| Base IV | No FFS | 2006–07 | 2008–09 | OLS | OLS No FFS | OLS with HHI | |
| Benchmark | 0.534*** (0.0556) | 0.555*** (0.0531) | 0.537*** (0.0831) | 0.519*** (0.0878) | 0.495*** (0.0467) | 0.521*** (0.0438) | 0.472*** (0.0483) |
| Risk (FFS) | −79.79** (32.24) | −27.69* (15.35) | −111.2** (54.26) | −161.8*** (62.07) | −85.74*** (30.51) | −26.39* (14.42) | −78.90*** (28.68) |
| Risk (Plan) | 26.13 (19.01) | 23.75 (19.99) | −40.96 (36.02) | 15.12 (23.94) | 29.47 (19.91) | 26.60 (20.21) | 28.03 (19.02) |
| FFS cost | 0.0686* (0.0383) | 0.161** (0.0710) | 0.00431 (0.0415) | 0.0782** (0.0373) | 0.0740** (0.0359) | ||
| Pop (1000s) | 0.00743 (0.0121) | 0.00575 (0.0127) | −0.0630** (0.0279) | 0.0619*** (0.0158) | 0.0123 (0.0311) | 0.0101 (0.0337) | −0.00148 (0.0323) |
| Insurers | −1.138*** (0.145) | −1.032*** (0.123) | −1.334*** (0.310) | −2.271*** (0.326) | −1.128*** (0.194) | −1.008*** (0.191) | −0.961*** (0.206) |
| HHI (beds) | −0.0075*** (0.00243) | ||||||
| Constant | 306.4*** (37.62) | 284.4*** (35.57) | 338.9*** (39.65) | ||||
| Market FE | Y | Y | Y | Y | Y | Y | Y |
| Year FE | Y | Y | Y | Y | Y | Y | Y |
| Observations | 7,299 | 7,299 | 2,158 | 2,838 | 7,669 | 7,669 | 7,669 |
| R-squared | 0.398 | 0.394 | 0.397 | 0.524 | 0.399 | 0.395 | 0.407 |
| Markets | 1,762 | 1,762 | 1,079 | 1,419 | 2,132 | 2,132 | 2,132 |
Robust standard errors in parentheses clustered by state.
***
p<0.01,
**
p<0.05,
*
p<0.1