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Comparative Dynamics in Health Economics: Some Useful Results

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  • Johansson, Per-Olov

    ()
    (Dept. of Economics, Stockholm School of Economics)

  • Löfgren, Karl-Gustav
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    Abstract

    In analysis of atemporal models, comparative statics experiments are typically carried out, often employing envelope properties, such as Roy's identity, Hotelling's lemma and Shephard's lemma, in order to simplify the analysis. In analysis of dynamic models, such experiments are seldom undertaken because of the complexity involved. In this note, we illustrate how to employ dynamic envelope properties in order to arrive at surprisingly simple comparative dynamics results in optimal control theory models. We also extend the envelope theorem to an infinite horizon problem with fundamental time dependency, and apply the result to parametric changes in death risks and health production functions.

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    Bibliographic Info

    Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 17.

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    Length: 14 pages
    Date of creation: May 1994
    Date of revision:
    Handle: RePEc:hhs:hastef:0017

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    Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
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    Fax: +46-(0)8-31 01 57
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    Web page: http://www.hhs.se/
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    Related research

    Keywords: Dynamic envelope theorem; risk; health; comparative dynamics;

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    Cited by:
    1. Thomas Aronsson & Kenneth Backlund & Karl-Gustaf Löfgren, 1998. "Nuclear Power, Externalities and Non-Standard Pigouvian Taxes," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 11(2), pages 177-195, March.
    2. Zethraeus, Niklas & Johansson, Per-Olov, 1997. "Willingness to Pay for Hormone Replacement Therapy," Working Paper Series in Economics and Finance, Stockholm School of Economics 214, Stockholm School of Economics.

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