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Table 3 Basic Metabolic Panel (80048, Blood Test) (t stats are reported in parentheses using robust standard errors)

From: The impact of agglomeration economies on hospital input prices

Model

OLS

OLS

OLS

2SLS

1st stage

2nd stage

Dependent variable

Average price

Lab employment

Average price

Lab employment

Average price

 

(1)

(2)

(3)

(4)

(5)

Independent variables

 Total Number of Hospital Beds (100 s)

−0.048***

32.085***

−0.028***

32.162***

0.681***

 

(-7.15)

(25.77)

(-3.82)

(25.69)

(2.86)

 Medical Lab Employment (100 s)

-

-

−0.0632***

-

−2.273***

 

-

-

(-5.44)

-

(-3.05)

 Population Density (1,000 s per Square Mile)

0.229***

7.622*

0.234***

7.859*

0.403***

 

(4.89)

(1.69)

(5.02)

(1.75)

(3.40)

 Area (1,000 s of Square Miles)

0.257***

−18.468***

0.245***

−18.063***

−0.165

 

(8.00)

(-13.09)

(7.61)

(-12.49)

(-1.13)

 Average Hospital Size (100 s of Beds)

−0.419***

−63.206***

−0.459***

−60.800***

−1.864***

 

(-3.65)

(-6.20)

(-3.98)

(-5.81)

(-3.19)

 Lab Technician Licensing Laws

-

-

-

−60.772***

-

 

-

-

-

(-3.39)

-

Demographic Controlsa

YES

YES

YES

YES

YES

Year Trend

YES

NO

YES

YES

YES

Region Fixed Effect

YES

YES

YES

YES

YES

Year Trend × Region Fixed Effect

YES

NO

YES

YES

YES

No. of observations

6334

6344

6334

6334

6334

R-squared

0.209

0.515

0.210

0.515

-

Root MSE

6.379

456.31

6.373

456.31

11.88

First-stage F-statistics

-

-

-

11.508

Wooldridge Robust Score Test

-

-

-

33.874

  1. aOther control variables include county-level measure of % of uninsured, % of > 65 years old, per capita income, % Non-white, and % of < high school. Statistical significance at the 1, 5 and 10 percent levels are denoted with ***, **, and * respectively