We study an overlapping-generations model in which agents' mortality risks, and consequently impatience, are endogenously determined by private and public investment in health care. Revenues allocated for public health care arc determined by a voting process. We find that the degree of...

We consider an overlapping generations model with heterogeneous agents where a person's probability of survival into old age is determined by a variable elasticity of substitution health production function with public and private expenditures as inputs. Analytical and numerical results reveal...