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Public and Private Expenditures on Health in a Growth Model

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Author Info
Bhattacharya, Joydeep
Qiao, Xue

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Abstract

This paper introduces endogenous longevity in an otherwise standard overlapping generations model with capital. In the model, a young agent may increase the length of her old age by incurring investments in health funded from her wage income. Such private health investments are assumed to be more "productive" if accompanied by complementary tax-financed public health programs. The presence of such a complementary public input in private longevity is shown to expose the economy to aggregate endogenous fluctuations and even chaos, and such volatility is impossible in its absence. In particular, the model is capable of generating dramatic reversals in life expectancy as has been observed in many countries.

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File URL: http://dx.doi.org/10.1016/j.jedc.2006.07.007
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12378.

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Date of creation: 28 Jun 2005
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Publication status: Published in Journal of Economic Dynamics and Control, August 2007, Vol. 31, No. 8, pp. 2519-2535.
Handle: RePEc:isu:genres:12378

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E0 - Macroeconomics and Monetary Economics - - General

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Haaparanta, Pertti & Puhakka, Mikko, 2004. "Endogenous time preference, investment and development traps," BOFIT Discussion Papers 4/2004, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  2. William H. Dow & Tomas J. Philipson & Xavier Sala-i-Martin, 1999. "Longevity Complementarities under Competing Risks," American Economic Review, American Economic Association, vol. 89(5), pages 1358-1371, December. [Downloadable!] (restricted)
  3. Mitra, Tapan, 2001. "A Sufficient Condition for Topological Chaos with an Application to a Model of Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 133-152, January. [Downloadable!] (restricted)
  4. Dranove, David, 1998. "Is there underinvestment in R & D about prevention?," Journal of Health Economics, Elsevier, vol. 17(1), pages 117-127, January. [Downloadable!] (restricted)
  5. Rosa Aísa & Fernando Pueyo, 2004. "Endogenous longevity, health and economic growth: a slow growth for a longer life?," Economics Bulletin, Economics Bulletin, vol. 9(3), pages 1-10. [Downloadable!]
  6. Chakraborty, Shankha, 2004. "Endogenous lifetime and economic growth," Journal of Economic Theory, Elsevier, vol. 116(1), pages 119-137, May. [Downloadable!] (restricted)
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  7. repec:rus:hseeco:71105 is not listed on IDEAS
  8. Liu, Liqun & Neilson, William S., 2005. "Endogenous private health investment and the willingness to pay for public health projects: The effects of income," Economics Letters, Elsevier, vol. 87(3), pages 415-420, June. [Downloadable!] (restricted)
  9. Shavell, Steven, 1979. "On Moral Hazard and Insurance," The Quarterly Journal of Economics, MIT Press, vol. 93(4), pages 541-62, November. [Downloadable!] (restricted)
  10. Robert E. Hall & Charles I. Jones, 2004. "The Value of Life and the Rise in Health Spending," NBER Working Papers 10737, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Shankha Chakraborty & Mausumi Das, 2004. "Mortality, Human Capital and Persistent Inequality," Econometric Society 2004 North American Summer Meetings 100, Econometric Society. [Downloadable!]
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  12. Jocelyn E. Finlay, 2006. "Endogenous Longevity and Economic Growth," PGDA Working Papers 0706, Program on the Global Demography of Aging. [Downloadable!]
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  1. Gregory Ponthiere, 2006. "Growth, Longevity and Public Policy," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  2. Gregory Ponthiere, 2008. "Can underemployment persist in an expanding economy? Clues from a non-Walrasian OLG model with endogenous longevity," Economic Change and Restructuring, Springer, vol. 41(2), pages 97-124, June. [Downloadable!] (restricted)
  3. Pierre-Richard Agénor, 2006. "A Theory of Infrastructure-led Development," Centre for Growth and Business Cycle Research Discussion Paper Series 83, Economics, The Univeristy of Manchester. [Downloadable!]
  4. Pierre-Richard Agénor, 2006. "A Theory of Infrastructure-led Development," The School of Economics Discussion Paper Series 0640, Economics, The University of Manchester. [Downloadable!]
  5. Weichun Chen & Merwan Engineer & Ian King, 2007. "Choosing Longevity with Overlapping Generations," Department of Economics - Working Papers Series 1002, The University of Melbourne. [Downloadable!]
  6. PESTIEAU, Pierre & PONTHIéRE, GrŽgory & SATO, Motohiro, 2006. "Longevity and Pay-as-you-Go pensions," CORE Discussion Papers 2006054, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  7. Gilad Sorek, 2006. "Advancing Medical Technology, Aging Population, and Economic Growth," DEGIT Conference Papers c011_046, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  8. Pierre-André Jouvet & Pierre Pestieau & Grégory Ponthière, 2007. "Longevity and environmental quality in an OLG model," EconomiX Working Papers 2007-19, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
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  9. repec:bep:maccon:v:8:y:2008:i:1:p:1636-1636 is not listed on IDEAS
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