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Evaluating the Role of Individual Specific Heterogeneity in the Relationship Between Subjective Health Assessments and Income

  • Fernández-Val, Iván

    ()

    (Boston University)

  • Savchenko, Yevgeniya

    ()

    (Georgetown University)

  • Vella, Francis

    ()

    (Georgetown University)

This paper investigates the impact of income on an individual's subjective self-assessment of own health. We employ recently developed methods in the non linear panel data literature to account for the endogeneity of income and the presence of individual heterogeneity. We examine a panel data set of individuals living in Australia and find no statistically significant relationship between income and health responses. Moreover, the evidence suggests that the variation in the individual specific effects, comprising both observed and unobserved time invariant factors, is primarily responsible for the variation across individuals' responses.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 7651.

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Length: 45 pages
Date of creation: Sep 2013
Date of revision:
Handle: RePEc:iza:izadps:dp7651
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  1. Andrew M. Jones & Stefanie Schurer, 2007. "How does heterogeneity shape the socioeconomic gradient in health satisfaction?," Health, Econometrics and Data Group (HEDG) Working Papers 07/05, HEDG, c/o Department of Economics, University of York.
  2. Thomas, Duncan & Strauss, John, 1997. "Health and wages: Evidence on men and women in urban Brazil," Journal of Econometrics, Elsevier, vol. 77(1), pages 159-185, March.
  3. Deaton, A., 1998. "Aging and Inequality in Income and Health," Papers 181, Princeton, Woodrow Wilson School - Development Studies.
  4. Jürgen Maurer & Roger Klein & Francis Vella, 2008. "Subjective Health Assessments and Active Labor Market Participation of Older Men: Evidence from a Semiparametric Binary Choice Model with Nonadditive Correlated Individualspecific Effects," MEA discussion paper series 08169, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  5. Geert Dhaene & Koen Jochmans, 2014. "Split-Panel Jackknife Estimation of Fixed-Effect Models," Sciences Po publications 2014-03, Sciences Po.
  6. Fabrice Etilé & Carine Milcent, 2006. "Income-related reporting heterogeneity in self-assessed health: evidence from France," PSE Working Papers halshs-00590524, HAL.
  7. Paul Frijters, 2005. "The causal effect of income on health: Evidence from German reunification," Paul Frijters Discussion Papers 2005-2, School of Economics and Finance, Queensland University of Technology.
  8. Fabrice Etilé & Carine Milcent, 2006. "Income-related reporting heterogeneity in self-assessed health: evidence from France," Health Economics, John Wiley & Sons, Ltd., vol. 15(9), pages 965-981.
  9. Jonathan Meer & Douglas L. Miller & Harvey S. Rosen, 2003. "Exploring the Health-Wealth Nexus," NBER Working Papers 9554, National Bureau of Economic Research, Inc.
  10. Paul Contoyannis & Andrew M. Jones & Nigel Rice, 2004. "The dynamics of health in the British Household Panel Survey," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(4), pages 473-503.
  11. Janet Currie & Brigitte C. Madrian, 1998. "Health, Health Insurance and the Labor Market," JCPR Working Papers 27, Northwestern University/University of Chicago Joint Center for Poverty Research.
  12. (*), Nigel Rice & Paul Contoyannis, 2001. "The impact of health on wages: Evidence from the British Household Panel Survey," Empirical Economics, Springer, vol. 26(4), pages 599-622.
  13. Hausman, Jerry A & Taylor, William E, 1981. "Panel Data and Unobservable Individual Effects," Econometrica, Econometric Society, vol. 49(6), pages 1377-98, November.
  14. Jesus M. Carro & Alejandra Traferri, 2011. "State Dependence and Heterogeneity in Health Using a Bias Corrected Fixed Effects Estimator," Documentos de Trabajo 402, Instituto de Economia. Pontificia Universidad Católica de Chile..
  15. Cai, Lixin & Mavromaras, Kostas G. & Oguzoglu, Umut, 2008. "The Effects of Health and Health Shocks on Hours Worked," IZA Discussion Papers 3496, Institute for the Study of Labor (IZA).
  16. Jones, Andrew M. & Wildman, John, 2008. "Health, income and relative deprivation: Evidence from the BHPS," Journal of Health Economics, Elsevier, vol. 27(2), pages 308-324, March.
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