Time is money, but how much? The monetary value of response time for Thai ambulance emergency services
AbstractThe monetary values for how much ambulance emergency services are calculated for two different time factors, response time, which is the time from when a call is received by the EMS call-taking centre until the response team arrives at the emergency scene, and operational time, which is the time from alarm to the accident scene and to the hospital. The study is performed in three steps. First, marginal effects of reduced fatalities and injuries for a minute change of the time factors are calculated using logistic regressions. Second, monetary values are chosen for fatalities and injuries; third, the marginal effects and the monetary values are put together to find a value per minute. The values are found to be 5.5 million Thai Baht per minute for fatality, 326,000 Baht per minute for severe injury, and 2,100 Baht per minute for slight injury. The total value of fatality, severe injury and slight injury for a one-minute improvement for each dispatch, summarized over one year, is 1.6 billion Thai Baht using response time. The resulting total values could be used on the benefit side in an economic cost-benefit analysis of investments, such as new technology, which could reduce the response and operational times.
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Bibliographic InfoPaper provided by Department of Economics, Karlstad University in its series Karlstad University Working Papers in Economics with number 8.
Length: 20 pages
Date of creation: 21 Feb 2013
Date of revision:
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Postal: Dept of Economics, Karlstad University, Universitetsgatan 1, SE 651 88 Karlstad, Sweden
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Response time; cost-benefit; medicine; emergency; EMS;
Find related papers by JEL classification:
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
- R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-02 (All new papers)
- NEP-DCM-2013-03-02 (Discrete Choice Models)
- NEP-HEA-2013-03-02 (Health Economics)
- NEP-SEA-2013-03-02 (South East Asia)
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