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On the Dynamics of Demand for Leisure and the Production of Health

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  • Sickles, Robin C
  • Yazbeck, Abdo

Abstract

The paper develops and estimates a structural model of household health production that jointly determines the demand for leisure and the demand for consumption for elderly males. The authors use a stochastic dynamic programming framework based on the assumption that an individual maximizes lifetime utility subject to budget and time constraints and a health production function by choosing hours of leisure and levels of consumption of health related and health neutral goods and services. Moreover, they use a very comprehensive health index which combines four scales measuring a variety of dimensions in the quality of life. The Euler equations derived from the authors' model are estimated using data from six biennial panels of the Retirement History Survey (RHS).

Suggested Citation

  • Sickles, Robin C & Yazbeck, Abdo, 1998. "On the Dynamics of Demand for Leisure and the Production of Health," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(2), pages 187-197, April.
    • Handle: RePEc:bes:jnlbes:v:16:y:1998:i:2:p:187-97
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