The Time Price of Medical Care

Stephen Day Cauley

The Review of Economics and Statistics, 1987, vol. 69, issue 1, 59-66

Abstract: An econometric mod el is used to impute the value of time in the demand for medical care for member s of a prepaid group practice medical care program. Separate estimates are obtai ned for: (1) individuals who were employed full time, (2) housewives, and (3) ti me associated with taking children to a doctor. For individuals who were employe d full time, the estimate was close to the median wage rate. Sick leave was esti mated to substantially reduce the value of time. It was concluded that ignoring the time price of medical care may result in misleading statistical analysis and mistaken policy recommendations. Copyright 1987 by MIT Press.

Date: 1987
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