Health Heterogeneity and the Preferences for Consumption Growth

Josep Pijoan-Mas, José-Víctor Ríos-Rull and Jay Hong

No 1, 2013 Meeting Papers from Society for Economic Dynamics

Abstract: We develop an heterogeneous agent model of consumption and health choices in order to estimate the effect of heath status in the marginal utility of consumption. We use micro data from the HRS, PSID, and CEX to identify the parameters of interest from the observed consumption growth for individuals in different health and education groups. We find that the marginal utility of consumption expenditure grows when health declines, which suggests that at old ages consumption expenditures are used to substitute for home production

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed013:1

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