Table 3:

Preference and Nursing Home Objective Parameters

		(1)	(2)	(3)	(4)	(5)
βsn:	log(SN/Resident)	0.888 (0.009)	1.526 (0.748)	1.923 (0.808)	1.786 (0.821)	1.878 (0.844)
${\beta }_{hyb}^p$:	Price*Hybrid	−0.007 (0.000)	−0.012 (0.002)	−0.006 (0.002)	−0.012 (0.002)	−0.012 (0.002)
${\beta }_{priv}^p$:	Price*Private	−0.011(0.001)	−0.018 (0.004)	−0.019 (0.004)	−0.019 (0.004)	−0.018 (0.004)
${\beta }_{cmi}^{sn}$:	log(SN/Resident)*CMI	0.226 (0.003)	0.226 (0.003)	0.221 (0.003)	0.231 (0.003)	0.230 (0.003)
${\beta }_1^d$:	Distance in 100km	−25.79 (0.014)	−25.79 (0.014)	−25.86 (0.014)	−25.80 (0.014)	−25.79 (0.014)
${\beta }_2^d$:	Distance2	22.45 (0.037)	22.45 (0.037)	22.47 (0.037)	22.44 (0.037)	22.42 (0.037)
${\beta }_1^{th}$:	Therapist/Res*Min	−0.124 (0.001)	−0.124 (0.001)	−0.133 (0.001)	−0.122 (0.001)	−0.122 (0.001)
${\beta }_2^{th}$:	Therapist/Res*Min*Short-Stay	0.314 (0.007)	0.314 (0.007)	0.306 (0.008)	0.312 (0.007)	0.312 (0.007)
${\beta }_{alz}^{alz}$:	Alzheimer*Alzheimer Unit	0.414 (0.002)	0.414 (0.002)	0.419 (0.002)	0.413 (0.002)	0.413 (0.002)
ϑ:	Occupancy< $\overline{oc}$				0.757 (0.002)	0.628 (0.002)
ϑhyb:	Occupancy< $\overline{oc}$ *Hybrid				−0.027 (0.003)	−0.088 (0.002)
ϑpriv:	Occupancy< $\overline{oc}$ *Private				−0.044 (0.005)	−0.058 (0.002)
$\frac{1-{\alpha }_{NFP}}{{\alpha }_{NFP}}$	Non-Profit Objective Parameter	23.05 (0.944)
$\frac{1-{\alpha }_{Pub}}{\alpha p_{ub}}$	Public Objective Parameter	36.14 (1.659)
	Avg Benefit per SN/year	$133,336 ($15,605)	$139,607 ($72,999)	$166,511 ($76,278)	$154,711 ($76,513)	$171,685 ($84,130)
	Avg Wage+Fringe Benefits/SN	$83,171	$83,171	$83,171	$83,171	$83,171
	Benefit-Cost	$50,165 ($15,605)	$56,436 ($72,999)	$83,340 ($76,278)	$71,540 ($76,513)	$88,514 ($84,130)
	Cost Moments	Y	N	N	N	N
	Rationing	N	N	100%	97%	95%

Notes. The table displays the estimated preference and nursing home objective parameters. Column 1 shows the baseline parameter estimates that are identified off from demand and cost moments. Estimates in column 2 are derived from demand moments only. Column 3 presents estimates from a first-come-first-serve rationing model. Columns 4 and 5 allow for asymetric rationing by payer type when occupancy falls short of 97% and 95%, respectively. Average benefits as well as average wage and fringe benefits per SN are measured in 2002. Th/res, SN/res, and Min abbreviate therapists per resident, skilled nurses per resident, and rehabilitative care minutes respectively. Standard errors are displayed in parentheses.