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level of 0.05 under risk aversion with alpha equal to 0.75. Therefore in Czech Republic,
Lithuania and Slovakia the model could be validated under risk aversion with alpha equal
to 0.75 (Table II.1.3.11).
We observed that the model for Slovakia could be validated under all hypotheses: risk
neutrality, risk aversion with alpha equal to 0.5 and risk aversion with alpha equal to
0.75. Given that the highest p-value is obtained for the risk aversion model with alpha
equal to 0.5, we will consider that Slovakia is a risk adverse country with alpha equal to
0.5.
Given these results, it can be inferred that the theoretical model used in this research does
reproduce the data observed about the annual rates of emigration of medical doctors in
the ECE countries as they are given by the database used. This is in favor of using the
theoretical model selected to discuss the cases of each country.
Table II.1.3.10: Risk neutral summary table!
Country Statistics
H/H0
Theoretical
Gamma
estimated
H/H0
Theoretical
Gamma = 0.25
H/H0
Observed
Bulgaria Mean 1.35 1.87 1.07
st dev 0.06 0.18 0.04
p-value 0.00 0.00
t test 7.66 6.24
Czech Republic Mean 3.09 1.36 1.16
st dev 2.49 0.21 0.10
p-value 0.02 0.01
t test 2.52 2.87
Hungary Mean 1.10 1.33 1.02
st dev 0.01 0.03 0.01
p-value 0.00 0.00
t test 10.44 11.24
Lithuania Mean 1.13 1.08 1.02
st dev 0.09 0.06 0.01
p-value 0.00 0.00
t test 3.69 3.36
Poland Mean 2.14 1.51 1.04
st dev 0.23 0.08 0.03
p-value 0.00 0.00
t test 9.53 11.73
Romania Mean 2.14 2.43 1.05
st dev 0.22 0.29 0.02
p-value 0.00 0.00
t test 7.68 7.45
Slovakia Mean 1.68 2.03 1.30
st dev 0.85 1.54 0.19
! **)!