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Autor:innen: 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
cege Discussion Papers No. 263
Verlag: 
University of Göttingen, Center for European, Governance and Economic Development Research (cege), Göttingen
Zusammenfassung: 
In this paper, I suggest a novel explanation for a hump-shaped ageconsumption profile, based on human aging. The model integrates health in the utility function and utilizes recent estimates on the effects of health on the marginal utility of consumption. The parsimonious model has a closed-form solution for the age of peak consumption and the consumption level at that age relative to initial consumption. A calibration of the model with data from gerontology produces an empirically plausible hump in consumption.
Schlagwörter: 
health
aging
life-cycle consumption
JEL: 
D91
E21
I10
Dokumentart: 
Working Paper

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