New insights in the canonical model of health capital

Michael Caputo

Mathematical Social Sciences, 2021, vol. 110, issue C, 23-33

Abstract: The comparative dynamics of the feedback form of the consumption and health-investment demand functions in the health capital model of Grossman (1972) are thoroughly scrutinized for their refutable results. The usual comparative dynamics expressions, to wit, the individual partial derivatives of the demand functions with respect to the parameters and state variables, are not refutable under the basic assumptions of the theory. As a result, sufficient conditions for their falsifiability are identified. In contrast, the heretofore unknown intrinsic comparative dynamics of the demand functions are shown to be characterized by a positive semidefinite matrix of generalized Slutsky-like terms.

Keywords: Health capital; Comparative dynamics; Refutable implications; Optimal control; Decision rules (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:110:y:2021:i:c:p:23-33

DOI: 10.1016/j.mathsocsci.2021.01.004

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