Lindelow, Magnus (contributor) - 2004 - [Elektronische Ressource]
status, x is non-health consumption, ε is a random error term, and ϕ is a
parameter vector. Health status (h
s
and h
ns …-health
consumption. This trade-off arises so long as x
s
<x
ns
and h
s
>h
ns
.
In order to operationalize this general framework, we …
nsns
h = .
2
Finally, non-health consumption, x, is a function of exogenous income, y, and travel time,
i.e.
Timeyx …