To focus on office waiting time, the behavior of a medical practice is analyzed under a perfectly competitive setting where office waiting time is the only choice variable in the short-run. The optimum waiting time is determined for both the certainty and the uncertainty cases. Comparative statics are drawn with respect to the opportunity cost of waiting time, physician fee, capacity, and standard deviation of waiting time. Empirical analysis of waiting time is made based on questionnaires distributed among physicians and patients. The results are consistent with the majority of the theoretical findings.
Quality & Quantity – Springer Journals
Published: Oct 16, 2004
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