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Health Heterogeneity and the Preferences for Consumption Growth

Author

Listed:
  • Josep Pijoan-Mas

    (CEMFI)

  • Jose-Victor Rios-Rull

    (University of Minnesota)

  • Jay Hong

    (University of Rochester)

Abstract

We develop an heterogeneous agent model of consumption and health choices in order to estimate the effect of heath status in the marginal utility of consumption. We use micro data from the HRS, PSID, and CEX to identify the parameters of interest from the observed consumption growth for individuals in different health and education groups. We find that the marginal utility of consumption expenditure grows when health declines, which suggests that at old ages consumption expenditures are used to substitute for home production

Suggested Citation

  • Josep Pijoan-Mas & Jose-Victor Rios-Rull & Jay Hong, 2013. "Health Heterogeneity and the Preferences for Consumption Growth," 2013 Meeting Papers 1, Society for Economic Dynamics.
    • Handle: RePEc:red:sed013:1
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    Cited by:

    1. Mariacristina De Nardi & Eric French & John Bailey Jones, 2016. "Savings After Retirement: A Survey," Annual Review of Economics, Annual Reviews, vol. 8(1), pages 177-204, October.
    2. Fedor Iskhakov & Susan Thorp & Hazel Bateman, 2015. "Optimal Annuity Purchases for Australian Retirees," The Economic Record, The Economic Society of Australia, vol. 91(293), pages 139-154, June.

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