Time Price

Definition

Health Economics

  • This reflects the idea that money prices are not the only access barrier to health services. Just as money price and the rate of use are negatively associated, so is time price - for example, the time spent travelling to a facility - and the rate of use. The direct cost of travelling also plays a similar role. These time costs are generally regarded as direct costs in cost-effectiveness and cost-utility analyses rather than indirect or productivity costs, which include the value of lost working and leisure time. Note that time spent waiting need not be a cost in the same way as it is when standing in a line or queue: standing in line or sitting in a waiting room represents opportunity cost (the time has alternative valuable uses); time on a list waiting for admission to hospital is a postponement of treatment and does not involve current opportunities being forgone.
http://www.dictionarycentral.com/definition/time-price.html