This paper provides a closed-form solution for the health capital model of health demand. The results are exploited in … model, the pure consumption model and a combination of both types of models. Given the plausible assumptions that (i) health … declines with age and that (ii) the health capital stock at death is lower than the health capital stock needed for eternal …

. Specifically, it is assumed that at any age the probability to survive depends on the number of health deficits accumulated. At the … her age but by the number of accumulated health deficits. The stochastic model basically confirms the earlier …