Coe, Norma B. (contributor); Lindeboom, Maarten (contributor) - 2008
period 1). HW and HS can be interpreted as the flow of health up to death. Thus the value of
retiring at the start of … this in the next section.
Second, one could also make T (the date of death) endogenous, for instance by assuming
that … death occurs if the health stock falls below a critical level, say H*. If one believes that work
will keep people active …