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Goods–Time Elasticity of Substitution in Health Production

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  • Juan Du
  • Takeshi Yagihashi

Abstract

We examine how inputs for health production, in particular, medical care and health‐enhancing time, are combined to improve health. The estimated elasticity of substitution from a constant elasticity of substitution production function is significantly less than one for the working‐age population, rejecting the unit elasticity of substitution used in previous studies. Copyright © 2016 John Wiley & Sons, Ltd.

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  • Juan Du & Takeshi Yagihashi, 2017. "Goods–Time Elasticity of Substitution in Health Production," Health Economics, John Wiley & Sons, Ltd., vol. 26(11), pages 1474-1478, November.
    • Handle: RePEc:wly:hlthec:v:26:y:2017:i:11:p:1474-1478
    DOI: 10.1002/hec.3446
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    4. Rupert, Peter & Rogerson, Richard & Wright, Randall, 1995. "Estimating Substitution Elasticities in Household Production Models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 6(1), pages 179-193, June.
    5. Baral, Ranju & Davis, George C. & You, Wen, 2011. "Consumption time in household production: Implications for the goods-time elasticity of substitution," Economics Letters, Elsevier, vol. 112(2), pages 138-140, August.
    6. Sickles, Robin C & Yazbeck, Abdo, 1998. "On the Dynamics of Demand for Leisure and the Production of Health," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(2), pages 187-197, April.
    7. Robert E. Hall & Charles I. Jones, 2007. "The Value of Life and the Rise in Health Spending," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(1), pages 39-72.
    8. Christopher J. Ruhm, 2000. "Are Recessions Good for Your Health?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(2), pages 617-650.
    9. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-255, March-Apr.
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    Cited by:

    1. Karlsson, Martin & Klohn, Florian & Rickayzen, Ben, 2018. "The role of heterogeneous parameters for the detection of selection in insurance contracts," Insurance: Mathematics and Economics, Elsevier, vol. 83(C), pages 110-121.
    2. Du, You, 2023. "Health investment and medical risk: New explanations of the portfolio puzzle," Economic Modelling, Elsevier, vol. 127(C).
    3. Juan Du & Takeshi Yagihashi, 2017. "Health capital investment and time spent on health-related activities," Review of Economics of the Household, Springer, vol. 15(4), pages 1215-1248, December.

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