What good is wealth without health?: The effect of health on the marginal utility of consumption
"We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and utility proxies. We estimate the model using the Health a...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14089 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and utility proxies. We estimate the model using the Health and Retirement Study's panel data on the elderly and near-elderly, and proxy for utility with measures of subjective well-being. We find robust evidence that the marginal utility of consumption declines as health deteriorates. Our central estimate is that a one-standard-deviation increase in the number of chronic diseases is associated with an 11 percent decline in the marginal utility of consumption relative to this marginal utility when the individual has no chronic diseases. The 95 percent confidence interval allows us to reject declines in marginal utility of less than 2 percent or more than 17 percent. Point estimates from a wide range of alternative specifications tend to lie within this confidence interval. We present some simple, illustrative calibration results that suggest that state dependence of the magnitude we estimate can have a substantial effect on important economic problems such as the optimal level of health insurance benefits and the optimal level of life-cycle savings"--National Bureau of Economic Research web site |
| Beschreibung: | 51, [11] S. graph. Darst. 22 cm |
Internformat
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| 245 | 1 | 0 | |a What good is wealth without health? |b The effect of health on the marginal utility of consumption |c Amy Finkelstein ; Erzo F. P. Luttmer ; Matthew J. Notowidigdo |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14089 | |
| 520 | 8 | |a "We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and utility proxies. We estimate the model using the Health and Retirement Study's panel data on the elderly and near-elderly, and proxy for utility with measures of subjective well-being. We find robust evidence that the marginal utility of consumption declines as health deteriorates. Our central estimate is that a one-standard-deviation increase in the number of chronic diseases is associated with an 11 percent decline in the marginal utility of consumption relative to this marginal utility when the individual has no chronic diseases. The 95 percent confidence interval allows us to reject declines in marginal utility of less than 2 percent or more than 17 percent. Point estimates from a wide range of alternative specifications tend to lie within this confidence interval. We present some simple, illustrative calibration results that suggest that state dependence of the magnitude we estimate can have a substantial effect on important economic problems such as the optimal level of health insurance benefits and the optimal level of life-cycle savings"--National Bureau of Economic Research web site | |
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| 700 | 1 | |a Notowidigdo, Matthew J. |d 1981- |e Verfasser |0 (DE-588)135689546 |4 aut | |
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| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:16Z |
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| spelling | Finkelstein, Amy 1973- Verfasser (DE-588)128781688 aut What good is wealth without health? The effect of health on the marginal utility of consumption Amy Finkelstein ; Erzo F. P. Luttmer ; Matthew J. Notowidigdo Cambridge, Mass. National Bureau of Economic Research 2008 51, [11] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14089 "We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and utility proxies. We estimate the model using the Health and Retirement Study's panel data on the elderly and near-elderly, and proxy for utility with measures of subjective well-being. We find robust evidence that the marginal utility of consumption declines as health deteriorates. Our central estimate is that a one-standard-deviation increase in the number of chronic diseases is associated with an 11 percent decline in the marginal utility of consumption relative to this marginal utility when the individual has no chronic diseases. The 95 percent confidence interval allows us to reject declines in marginal utility of less than 2 percent or more than 17 percent. Point estimates from a wide range of alternative specifications tend to lie within this confidence interval. We present some simple, illustrative calibration results that suggest that state dependence of the magnitude we estimate can have a substantial effect on important economic problems such as the optimal level of health insurance benefits and the optimal level of life-cycle savings"--National Bureau of Economic Research web site Luttmer, Erzo F. P. Verfasser (DE-588)129473588 aut Notowidigdo, Matthew J. 1981- Verfasser (DE-588)135689546 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14089 (DE-604)BV002801238 14089 http://papers.nber.org/papers/w14089.pdf kostenfrei Volltext |
| spellingShingle | Finkelstein, Amy 1973- Luttmer, Erzo F. P. Notowidigdo, Matthew J. 1981- What good is wealth without health? The effect of health on the marginal utility of consumption |
| title | What good is wealth without health? The effect of health on the marginal utility of consumption |
| title_auth | What good is wealth without health? The effect of health on the marginal utility of consumption |
| title_exact_search | What good is wealth without health? The effect of health on the marginal utility of consumption |
| title_exact_search_txtP | What good is wealth without health? The effect of health on the marginal utility of consumption |
| title_full | What good is wealth without health? The effect of health on the marginal utility of consumption Amy Finkelstein ; Erzo F. P. Luttmer ; Matthew J. Notowidigdo |
| title_fullStr | What good is wealth without health? The effect of health on the marginal utility of consumption Amy Finkelstein ; Erzo F. P. Luttmer ; Matthew J. Notowidigdo |
| title_full_unstemmed | What good is wealth without health? The effect of health on the marginal utility of consumption Amy Finkelstein ; Erzo F. P. Luttmer ; Matthew J. Notowidigdo |
| title_short | What good is wealth without health? |
| title_sort | what good is wealth without health the effect of health on the marginal utility of consumption |
| title_sub | The effect of health on the marginal utility of consumption |
| url | http://papers.nber.org/papers/w14089.pdf |
| volume_link | (DE-604)BV002801238 |
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