Abstract
This study presents a framework for estimating the value of response time and quantifying the economic impacts of improved responsiveness and increased service capacity in emergency response systems. In these systems, the value of response time, defined as the number of casualties rescued, forms the basis for understanding the value proposition of the emergency system. Efficiency gains from improved responsiveness are calculated by the difference in the time value function, considering the medical department emergency system as a benchmark. Based on the evaluating systems for welfare gains from price changes, this study will be the first of its kind to adopt the compensating variation method to deal with welfare gains from increased emergency service capacity, while the issue of number of casualties rescued forms the log-linear function of emergency service capacity and supply capacity. Two civil aviation accidents are empirically estimated, illustrating our approaches with specific civil aviation accident cases and examining how other parameters affect improved performance from the responsiveness and welfare arising from service capacity.
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