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http://dx.doi.org/10.9723/jksiis.2014.19.2.093

An Empirical Analysis on Market Power and Productivity in the Korean Medical Service Industry  

Park, Sehoon (관동대학교 경제금융학과)
Kang, Joo Hoon (관동대학교 경제금융학과)
Jung, Yong-Sik (관동대학교 의료경영학과)
Publication Information
Journal of Korea Society of Industrial Information Systems / v.19, no.2, 2014 , pp. 93-103 More about this Journal
Abstract
This paper establishes the empirical model based on Hall's(1990) and Basu' s(1996) models, estimates the five types of productivity in the medical service industry over the period 1975:1-2010:4, and analyzes the cyclicality of measured productivities and their correlations with the industrial real wage. The empirical results are summarized as the followings. First, there proved to be substantial market power in pricing and returns to scale in production for the medical service industry. Second, the three types of productivity among 5 types showed to be procyclical. Third, the average labor productivity, the original Solow residual, and the cost-based Solow residual are expected to provide reasonable indexes in analyzing the relationship between productivity and real wage.
Keywords
Technological coefficient; Solow Residual; Medical Service Industry; Real Wages; Labor Productivity;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
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