Johannes Schoder () (Socioeconomic Institute, University of Zurich) Peter Zweifel () (Socioeconomic Institute, University of Zurich)
Abstract
Health economists have studied the determinants of the expected value of health status as a function of medical and nonmedical inputs, often finding small marginal effects of the former. This paper argues that both types of input have an additional benefit, viz. a reduced variability of health status. Using OECD health data for 24 countries between 1960 and 2004, medical and nonmedical inputs are found to reduce the variability of life expectancy. While the evidence supports the "flat-of-the-curve medicine" hypothesis with respect to the expected value of life expectancy and its variability, healthcare expenditure is comparatively effective in reducing variability.
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Publisher Info
Paper provided by University of Zurich, Socioeconomic Institute in its series Working Papers with number
0901.
Find related papers by JEL classification: I10 - Health, Education, and Welfare - - Health - - - General I12 - Health, Education, and Welfare - - Health - - - Health Production J10 - Labor and Demographic Economics - - Demographic Economics - - - General
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