2018 Conference Presentation
Objective: to analyse the monetary value of annual informal care time using different approaches and identify determinants of the intensity of such care.
Methods: we conducted an observational study in two different regions of Spain focused in informal caregivers. A multivariate analysis (ordered probit model) was performed to identify the variables associated with the intensity of care time. We used three alternative approaches to value caregiver’s time: proxy good method, opportunity cost method and contingent valuation (willingness to pay (WTP) and willingness to accept (WTA).
Results: a total of 604 individuals were analysed. The main determinants of informal care provided were sex, degree of dependency and professional care services received at home. The estimated value for annual informal care time ranges from €80,247 (proxy good method) to €14,325 (WTP), €27,140 (opportunity cost method) and €29,343 (WTA). Additionally, complementary estimates were made censoring the maximum time of daily care to 16 hours.
Conclusions: the activity of informal care is very intensive in number of hours provided in Spain. Professional (formal) care received in the home is complementary to informal care while formal care received outside the home is substitute to informal care. The monetary value of care time presents very high values, although the variability of the estimation values is very high, depending on the approach used. This is due to the choice of valuation method is not neutral and may have relevant implications for decision-making.