Cognitive Decline and Dynamic Selection
Health, Econometrics and Data Group (HEDG) Working Papers from HEDG, c/o Department of Economics, University of York
The age profile of cognitive skill decline, and the investments that shape it, are potentially confounded by non-random mortality. I frame this dynamic selection problem in the context of health capital (Grossman, 1972), and I estimate a general model of health investment, health, and mortality. Consistent with theory, I find substantially wider gaps in cognitive health by education, race, and smoking behavior relative to cross-sectional comparisons, in some cases by 100%. Furthermore, these gaps grow in age, which suggests that theories of cognitive decline need to accommodate differential rates of change in cognitive health.
Keywords: health production; dynamic selection; cognitive skills; dementia; tobacco; disparities (search for similar items in EconPapers)
JEL-codes: I10 I12 J24 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hea and nep-neu
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Persistent link: https://EconPapers.repec.org/RePEc:yor:hectdg:23/09
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