Health and (other) Asset Holdings

The empirical literature on the asset allocation and medical expenditures ofU.S. households consistently shows that risky portfolio shares are increasing inboth wealth and health whereas health investment shares are decreasing in thesesame variables. Despite this evidence, most of the existing models treat financialand health-related choices separately. This paper bridges this gap by proposing atractable framework for the joint determination of optimal consumption, portfolioand health investments.[...]

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Year of publication:	2009-05-20
Authors:	Hugonnier, Julien ; Pelgrin, Florian ; St-Amour, Pascal
Institutions:	National Centre of Competence in ResearchFinancial Valuation and Risk Management
Subject:	Gesundheitsökonomie \| health economics \| Kapitalallokation \| virtual risk adjusted capital \| Portfoliomanagement \| portfolio management \| Sterblichkeit

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Introduction
1 Data
1.1 Data sources and details
1.2 Relevant co-movements
2 The model
2.1 Health dynamics and survival
2.2 Income dynamics
2.3 Preferences
2.4 Financial market and budget constraint
2.5 The decision problem
3 Optimal rules
3.1 Health independent mortality
3.2 Health dependent mortality
4 Econometric analysis
4.1 Econometric model
4.2 Results
4.3 Discussion
5 Conclusion
References

Persistent link: https://www.econbiz.de/10005868769