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A Theory of Health Investment under Competing Mortality Risks

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  • Fwu-Ranq Chang

Abstract

In this paper we present a theory of health investment when there are multiple causes of death. Since there are several risks “competing“ for one's life, the health investments in avoiding different causes of death are not independent in general. We analyze the optimal investment rules and the comparative statics. In particular, we search for the conditions that make such health investments normal goods, non-Giffen goods, gross complements to one another, and have a positive risk aversion effect. If the proposed conditions fail, then some health investments may become net substitutes, or even gross substitutes to one another.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2002/wp-cesifo-2002-02/cesifo_wp669.pdf
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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 669.

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Date of creation: 2002
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Handle: RePEc:ces:ceswps:_669

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Related research

Keywords: competing risks; complementarity; quantity and quality of life; and dominant diagonal matrix;

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References

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  1. Tomas J. Philipson & William H. Dow & Xavier Sala-i-Martin, 1999. "Longevity Complementarities under Competing Risks," American Economic Review, American Economic Association, American Economic Association, vol. 89(5), pages 1358-1371, December.
  2. Chang,Fwu-Ranq, 2009. "Stochastic Optimization in Continuous Time," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521541947.
  3. Gary S. Becker & Tomas J. Philipson & Rodrigo R. Soares, 2005. "The Quantity and Quality of Life and the Evolution of World Inequality," American Economic Review, American Economic Association, American Economic Association, vol. 95(1), pages 277-291, March.
  4. Chang, Fwu-Ranq, 1996. "Uncertainty and investment in health," Journal of Health Economics, Elsevier, Elsevier, vol. 15(3), pages 369-376, June.
  5. Takayama,Akira, 1985. "Mathematical Economics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521314985.
  6. Ehrlich, Isaac & Becker, Gary S, 1972. "Market Insurance, Self-Insurance, and Self-Protection," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 80(4), pages 623-48, July-Aug..
  7. Chang, Fwu-Ranq, 1991. "Uncertain Lifetimes, Retirement and Economic Welfare," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 58(230), pages 215-32, May.
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Cited by:
  1. S. Balia & AM. Jones, 2004. "Mortality, Lifestyle and Socio-Economic Status," Working Paper CRENoS 200416, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
  2. Strand, Jon, 2006. "Valuation of environmental improvements in continuous time with mortality and morbidity effects," Resource and Energy Economics, Elsevier, Elsevier, vol. 28(3), pages 229-241, August.
  3. Liqun Liu, 2008. "Spillover of cause-specific longevity interventions: an independent mortality risk model," The European Journal of Health Economics, Springer, Springer, vol. 9(2), pages 193-201, May.

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