Patient Costs and Physicians' Information

We thank Stéphane Bonhomme, Chris Conlon, Liran Einav, Haoran Pan, Ariel Pakes, Marc Rysman, Xiaoxia Shi, and Amanda Starc for insightful conversations, and seminar participants at ASSA Annual Meeting, CEPR Virtual IO Seminar, IIOC, Georgetown University, KAEA virtual seminar, Harvard University, MIT, New York University, Northwestern University, Pennsylvania State University, SITE IO of Healthcare and Credit Markets Conference, and Tinos Industrial Organization Conference for helpful comments. We especially thank Alon Eizenberg and Eilidh Geddes for very useful discussions. We also thank the staff at the Oregon Health Authority for assistance using the APAC dataset. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• online appendix

• January 4, 2024