Forster, M. (2001) The Meaning of Death: Some Simulations of a Model of Healthy and Unhealthy Consumption. Journal of Health Economics, 20 (4). pp. 613-638. ISSN 0167-6296
Abstract
Simulations of a model of healthy and unhealthy consumption are used to investigate the impact of various terminal conditions on life-span, pathways of health-related consumption and health. A model in which life-span and the ‘death’ stock of health are fixed is compared to versions in which (i) the ‘death’ stock of health is freely chosen; (ii) life-span is freely chosen; (iii) both the ‘death’ stock of health and life-span are freely chosen. The choice of terminal conditions has a striking impact on optimal plans. Results are discussed with reference to the existing demand for health literature and illustrate the application of iterative processes to determine optimal life-span, the role played by the marginal value of health capital in determining optimal plans, and the importance of checking the second-order conditions for the optimal choice of life-span.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Keywords: | The demand for health; Optimal life-span; Healthy and unhealthy consumption; Terminal and transversality conditions |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Economics and Related Studies (York) |
Depositing User: | York RAE Import |
Date Deposited: | 03 Aug 2009 13:08 |
Last Modified: | 03 Aug 2009 13:08 |
Published Version: | http://dx.doi.org/10.1016/S0167-6296(01)00080-7 |
Status: | Published |
Publisher: | Elsevier Science B.V., Amsterdam. |
Identification Number: | 10.1016/S0167-6296(01)00080-7 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:6677 |