IDEAS home Printed from https://ideas.repec.org/p/hhs/kaunek/0008.html
   My bibliography  Save this paper

Time is money, but how much? The monetary value of response time for Thai ambulance emergency services

Author

Listed:
  • Jaldell, Henrik

    () (Dept. of Economics)

  • Lebnak, P

    (Emergency Medical Institute Thailand, EMIT)

  • Anurak, A

    (Emergency Medical Institute Thailand, EMIT)

  • Krongkan, B

    (Emergency Medical Institute Thailand, EMIT)

  • Khanisthar, P

    (Emergency Medical Institute Thailand, EMIT)

Abstract

The 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.

Suggested Citation

  • Jaldell, Henrik & Lebnak, P & Anurak, A & Krongkan, B & Khanisthar, P, 2013. "Time is money, but how much? The monetary value of response time for Thai ambulance emergency services," Karlstad University Working Papers in Economics 8, Karlstad University, Department of Economics.
  • Handle: RePEc:hhs:kaunek:0008
    as

    Download full text from publisher

    File URL: http://www.kau.se/sites/default/files/Dokument/subpage/2012/02/2013_2_pdf_95852.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Tarricone, Rosanna, 2006. "Cost-of-illness analysis: What room in health economics?," Health Policy, Elsevier, vol. 77(1), pages 51-63, June.
    2. Viscusi, W Kip & Aldy, Joseph E, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," Journal of Risk and Uncertainty, Springer, vol. 27(1), pages 5-76, August.
    3. Bellavance, Franois & Dionne, Georges & Lebeau, Martin, 2009. "The value of a statistical life: A meta-analysis with a mixed effects regression model," Journal of Health Economics, Elsevier, vol. 28(2), pages 444-464, March.
    4. James Hammitt & Jin-Tan Liu, 2004. "Effects of Disease Type and Latency on the Value of Mortality Risk," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 73-95, January.
    5. Gibson, John & Barns, Sandra & Cameron, Michael & Lim, Steven & Scrimgeour, Frank & Tressler, John, 2007. "The Value of Statistical Life and the Economics of Landmine Clearance in Developing Countries," World Development, Elsevier, vol. 35(3), pages 512-531, March.
    6. repec:reg:rpubli:282 is not listed on IDEAS
    7. Savage, Ian, 1993. "An Empirical Investigation into the Effect of Psychological Perceptions on the Willingness-to-Pay to Reduce Risk," Journal of Risk and Uncertainty, Springer, vol. 6(1), pages 75-90, January.
    8. Sujitra Vassanadumrongdee & Shunji Matsuoka, 2005. "Risk Perceptions and Value of a Statistical Life for Air Pollution and Traffic Accidents: Evidence from Bangkok, Thailand," Journal of Risk and Uncertainty, Springer, vol. 30(3), pages 261-287, May.
    9. Jones-Lee, M W & Loomes, G, 1995. "Scale and Context Effects in the Valuation of Transport Safety," Journal of Risk and Uncertainty, Springer, vol. 11(3), pages 183-203, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Response time; cost-benefit; medicine; emergency; EMS;

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hhs:kaunek:0008. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mikael Svensson). General contact details of provider: http://edirc.repec.org/data/eikause.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.