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Optimal Health Investment Strategies

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  • Forster, Bruce A
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    Abstract

    This paper investigates the optimal health investment strategies for two modifications of a model proposed by V. Dardanoni (1986). The first modification retains the assumption of a constant marginal opportunity cost of health investment. In this case, the optimal strategy involves a most rapid approach path with investment taking on extreme values. In the second modification, the assumption of increasing marginal opportunity cost of investment eliminates the most rapid approach path feature and the optimal investment level varies continuously over time. The implications of considering finite lifespans explicitly are analyzed. A "turnpike property" is identified for the second modification. Copyright 1989 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Bulletin of Economic Research.

    Volume (Year): 41 (1989)
    Issue (Month): 1 (January)
    Pages: 45-57

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    Handle: RePEc:bla:buecrs:v:41:y:1989:i:1:p:45-57

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    Cited by:
    1. Zon,A.H.,van & Muysken,J., 1997. "Health, education and endogenous growth," Research Memorandum 006, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    2. Liutang Gong & Hongyi Li & Dihai Wang & Heng-fu Zou, 2011. "Health, Taxes, and Growth," CEMA Working Papers 482, China Economics and Management Academy, Central University of Finance and Economics.
    3. Dormont, Brigitte & Oliveira Martins, Joaquim & Pelgrin, Florian & Suhrcke, Marc, 2010. "Health, Expenditure, Longevity and Growth," Economics Papers from University Paris Dauphine 123456789/7972, Paris Dauphine University.
    4. Eisenring, Christoph, 1999. "Comparative dynamics in a health investment model," Journal of Health Economics, Elsevier, vol. 18(5), pages 653-658, October.
    5. van Zon, Adriaan & Muysken, Joan, 2001. "Health and endogenous growth," Journal of Health Economics, Elsevier, vol. 20(2), pages 169-185, March.
    6. Forster, Martin, 2001. "The meaning of death: some simulations of a model of healthy and unhealthy consumption," Journal of Health Economics, Elsevier, vol. 20(4), pages 613-638, July.
    7. Zon ,Adriaan,van & Muysken ,Joan, 2003. "Health as a Principal Determinant of Economic Growth," Research Memorandum 024, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    8. Martin Forster, . "The meaning of death: some numerical simulations of a model of healthy and unhealthy consumption," Discussion Papers 00/34, Department of Economics, University of York.
    9. Katerina Koka & Audrey Laporte & Brian Ferguson, 2014. "Theoretical Simulation in Health Economics: An application to Grossman's Model of Investment in Health Capital," Working Papers 140010, Canadian Centre for Health Economics.

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