Valuing productivity costs using the friction‐cost approach: estimating friction‐period estimates by occupational classifications for the UK

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@article{b820daf3c02b45a79054090091bab480,
title = "Valuing productivity costs using the friction‐cost approach: estimating friction‐period estimates by occupational classifications for the UK",
abstract = "The friction cost approach has been proposed as an alternative to the human capital approach in estimating productivity costs. However, it is difficult, in practice, to apply this approach due to limited availability of context specific data. Using national and firm level data on vacancy durations sourced from four organisations, we estimated vacancy durations, and consequently length of friction period for the United Kingdom disaggregated by occupational classification. We found comparable estimates to previously reported friction periods elsewhere. The disaggregated friction period analysis confirmed occupational class has an effect on the estimated length of the friction period. The research presents estimates on vacancy durations, and friction periods necessary to use the friction cost approach in a practical way in economic evaluations.",
keywords = "friction cost approach, friction period, vacancy duration, productivity costs, lost productivity",
author = "Jesse Kigozi and Sue Jowett and Martyn Lewis and Pelham Barton and Joanna Coast",
year = "2017",
month = apr,
day = "27",
doi = "10.1002/hec.3513",
language = "English",
journal = "Health Economics",
issn = "1057-9230",
publisher = "Wiley",

}

RIS

TY - JOUR

T1 - Valuing productivity costs using the friction‐cost approach

T2 - estimating friction‐period estimates by occupational classifications for the UK

AU - Kigozi, Jesse

AU - Jowett, Sue

AU - Lewis, Martyn

AU - Barton, Pelham

AU - Coast, Joanna

PY - 2017/4/27

Y1 - 2017/4/27

N2 - The friction cost approach has been proposed as an alternative to the human capital approach in estimating productivity costs. However, it is difficult, in practice, to apply this approach due to limited availability of context specific data. Using national and firm level data on vacancy durations sourced from four organisations, we estimated vacancy durations, and consequently length of friction period for the United Kingdom disaggregated by occupational classification. We found comparable estimates to previously reported friction periods elsewhere. The disaggregated friction period analysis confirmed occupational class has an effect on the estimated length of the friction period. The research presents estimates on vacancy durations, and friction periods necessary to use the friction cost approach in a practical way in economic evaluations.

AB - The friction cost approach has been proposed as an alternative to the human capital approach in estimating productivity costs. However, it is difficult, in practice, to apply this approach due to limited availability of context specific data. Using national and firm level data on vacancy durations sourced from four organisations, we estimated vacancy durations, and consequently length of friction period for the United Kingdom disaggregated by occupational classification. We found comparable estimates to previously reported friction periods elsewhere. The disaggregated friction period analysis confirmed occupational class has an effect on the estimated length of the friction period. The research presents estimates on vacancy durations, and friction periods necessary to use the friction cost approach in a practical way in economic evaluations.

KW - friction cost approach

KW - friction period

KW - vacancy duration

KW - productivity costs

KW - lost productivity

U2 - 10.1002/hec.3513

DO - 10.1002/hec.3513

M3 - Article

JO - Health Economics

JF - Health Economics

SN - 1057-9230

ER -