@techreport{Halliday2009Health,
abstract = {We study the evolution of health investment over the life-cycle by calibrating a model of endogenous health accumulation. The model is able to produce the decline in labor supply with age as well as the hump-shaped consumption profile. In both cases, health and health investment play a crucial role as the former encroaches upon healthy time and the latter crowds out non-medical expenditures as people age. Finally, we quantify the value of health as both an investment and a consumption good. We show that the investment motive is about three times higher than the consumption motive during the early 20s, but decreases over the life-cycle until it disappears at retirement. In contrast, the consumption motive increases with age and surpasses the investment motive during the mid 40s.},
address = {Bonn},
author = {Timothy J. Halliday and Hui He and Hao Zhang},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {I12; 330; Health investment; structural model; medical expenditures; Gesundheitsvorsorge; Lebenszyklus; Verbraucherausgaben; USA},
language = {eng},
number = {4482},
publisher = {Forschungsinst. zur Zukunft der Arbeit},
title = {Health investment over the life-cycle},
type = {IZA Discussion Papers},
url = {http://hdl.handle.net/10419/36074},
year = {2009}
}
