Optimal health investment and preference structure
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- 作者：Théophile T. Azomahou ; Bity Diene ; Mbaye Diene ; Luc Soete
- 关键词：Consumption ; Health investment ; Wage ; Longevity ; Opportunity costs ; C61 ; C62 ; I15 ; E21
- 刊名：Economic Theory
- 出版年：2015
- 出版时间：November 2015
- 年：2015
- 卷：60
- 期：3
- 页码：521-565
- 全文大小：989 KB
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Bity Diene (3)
Mbaye Diene (4)
Luc Soete (1) (2)
1. United Nations University (UNU-MERIT), Boschstraat 24, 6211 AX, Maastricht, The Netherlands
2. Department of Economics, Maastricht University, P.O. Box 616, 6200 MD, Maastricht, The Netherlands
3. University of Auvergne, Centre d’Etude et de Recherches sur le Développement International (CERDI), 65 Boulevard Fran?ois Mitterrand, Clermont-Ferrand Cedex 1, France
4. Consortium pour la Recherche Economique et Sociale (CRES), University Cheikh-Anta-Diop, Rue 10 Prolongée, Cité Iba Ndiaye Diadji No. 1-2, Dakar, Senegal - 刊物类别：Business and Economics
- 刊物主题：Economics
Economic Theory
Economics
Analysis - 出版者：Springer Berlin / Heidelberg
- ISSN：1432-0479
文摘
This paper develops a general equilibrium framework to study the role of preference structure (additive, multiplicative and a convex combination of the two) in connecting consumption, health investment, stock of health and capital, and their effects on the wage rate and on productivity. We show that the elasticities of health production, health investment and health cost determine jointly how health influences the wage rate. We examine the steady state and the equilibrium dynamics of the model. In the case of additive preferences, the existence of equilibrium and the stability of the dynamic system require that the ratio of the elasticities of the cost of health and health investment is greater than the elasticity of the production function of health. Health stock can have either positive or negative effects on wages via a mechanism of reservation wages. When preferences are multiplicative, the condition of the existence of equilibrium and the stability of the dynamic system reverse, and the effect of health stock on wages is always positive. Longevity is a decreasing convex–concave function of the elasticity of inter-temporal substitution of health. We also compare the relative behavior of opportunity costs of health under preference structure. Keywords Consumption Health investment Wage Longevity Opportunity costs