Table 2:

Interacted Regression Analyses

	(1)	(2)	(3)	(4)
	Panel A: No Health Controls
Log(P)	0.127^***	0.103^***	0.116^***	0.104^***
Log(P)	(0.0346)	(0.0358)	(0.0347)	(0.0353)
Log(P) x Log(Income)		0.0504^***		0.0309^**
Log(P) x Log(Income)		(0.0139)		(0.0140)
Log(P) x Education			0.0140^***	0.0109^***
Log(P) x Education			(0.00387)	(0.00399)
Log(Income)	−0.00723^**	−0.0139^***	−0.00659^**	−0.0108^***
Log(Income)	(0.00325)	(0.00323)	(0.00332)	(0.00319)
Log(Education)	−0.000128	−1.39e-05	−0.00243^**	−0.00196*
Log(Education)	(0.000788)	(0.000786)	(0.00102)	(0.00104)
No Observations	589,663	589,663	589,663	589,663
No Physicians	97,931	97,931	97,931	97,931
First Stage F-Statistic	66.39	31.55	35.75	22.84
Hansen J-Statistic	0.313	0.152	0.342	0.0772
Endogeneity Test	0.000510	2.13e-05	2.17e-05	4.15e-05

	Panel B: Health Controls
Log(P)	0.127^***	0.104^***	0.117^***	0.105^***
Log(P)	(0.0345)	(0.0357)	(0.0346)	(0.0352)
Log(P) x Log(Income)		0.0508^***		0.0314^**
Log(P) x Log(Income)		(0.0137)		(0.0139)
Log(P) x Education			0.0140^***	0.0109^***
Log(P) x Education			(0.00384)	(0.00397)
Log(Income)	−0.00369	−0.0105^***	−0.00306	−0.00738^**
Log(Income)	(0.00315)	(0.00312)	(0.00322)	(0.00306)
Log(Education)	−0.000698	−0.000547	−0.00187*	−0.00139
Log(Education)	(0.000748)	(0.000747)	(0.00100)	(0.00102)
No Observations	589,663	589,663	589,663	589,663
No Physicians	97,931	97,931	97,931	97,931
First Stage F-Statistic	62.16	29.32	33.33	21.07
Hansen J-Statistic	0.336	0.167	0.361	0.0876
Endogeneity Test	0.000134	3.18e-06	4.10e-06	9.10e-06

Notes: Data from the Federal Register and MCBS. All regressions control for patient characteristics (male, white, black, Hispanic, age, married, log income, and years of education), physician fixed effects, BETOS-category fixed effects, and year fixed effects. The variables log(price), log(income), and education are demeaned. Standard errors, shown in parentheses, are clustered by the pre-1997 MPL.

^**

5 percent level

^***

1 percent level.