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Optimal Aging with Uncertain Death

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  • Strulik, Holger

Abstract

This note extends the theory of optimal aging and death (Dalgaard and Strulik, 2010) towards uncertain death. Specifically, it is assumed that at any age the probability to survive depends on the number of health deficits accumulated. It is shown that the results in Dalgaard and Strulik (2011) on the foundation of the Preston curve (the association between income and life-expectancy across countries) are robust against this extension. While results virtually coincide at high income levels, the stochastic version predicts somewhat more curvature of the Preston curve at low income levels. Taking uncertain death and a precautionary motive for health investment into account thus further improves a bit the anyway good fit of the Preston curve.

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File URL: http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-488.pdf
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Bibliographic Info

Paper provided by Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät in its series Hannover Economic Papers (HEP) with number dp-488.

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Length: 11 pages
Date of creation: Dec 2011
Date of revision:
Handle: RePEc:han:dpaper:dp-488

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Keywords: Aging; Longevity; Health; Savings; Preston Curve;

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  1. Eytan Sheshinski, 2007. "The Economic Theory of Annuities," Economics Books, Princeton University Press, edition 1, volume 1, number 8536.
  2. Heijdra, Ben J. & Romp, Ward E., 2005. "A Life-Cycle Overlapping-Generations Model of the Small Open Economy," Research Report 05C04, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  3. Holger Strulik & Sebastian Vollmer, 2011. "Long-Run Trends of Human Aging and Longevity," PGDA Working Papers 7311, Program on the Global Demography of Aging.
  4. Carl-Johan Dalgaard & Holger Strulik, 2010. "Optimal Aging and Death," PGDA Working Papers 5810, Program on the Global Demography of Aging.
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Cited by:
  1. Carl-Johan Dalgaard & Holger Strulik, 2012. "The Genesis of the Golden Age - Accounting for the Rise in Health and Leisure," Discussion Papers 12-10, University of Copenhagen. Department of Economics.

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