| Record ID | marc_loc_updates/v36.i33.records.utf8:15389793:2557 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_updates/v36.i33.records.utf8:15389793:2557?format=raw |
LEADER: 02557nam a22003017a 4500
001 2008610913
003 DLC
005 20080813101843.0
007 cr |||||||||||
008 080714s2008 mau sb 000 0 eng
010 $a 2008610913
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aFinkelstein, Amy.
245 10 $aWhat good is wealth without health?$h[electronic resource]$bthe effect of health on the marginal utility of consumption /$cAmy Finkelstein, Erzo F.P. Luttmer, Matthew J. Notowidigdo.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2008.
490 1 $aNBER working paper series ;$vworking paper 14089
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/14/2008.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $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.
700 1 $aLuttmer, Erzo F. P.
700 1 $aNotowidigdo, Matt,$d1981-
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 14089.
856 40 $uhttp://papers.nber.org/papers/w14089