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Demand for health: a generalised Grossman model
Journal of Health Economics
|April 11, 1982
Summary
This study presents a generalized health investment model to analyze health and medical care demand. The model refines Grossman's approach, offering broader applications for understanding economic influences on health behaviors.
Area of Science:
- Health Economics
- Medical Care Demand Analysis
- Behavioral Economics
Background:
- Existing Grossman-type health investment models face criticisms regarding their underlying assumptions.
- Previous models have limitations in explaining the full scope of health-related economic behaviors.
Purpose of the Study:
- To analyze the demand for health and medical care using a generalized Grossman-type health investment model.
- To address criticisms of earlier models by refining underlying assumptions.
- To expand the applicability of economic explanations for health behavior.
Main Methods:
- Development of a generalized Grossman-type health investment model.
- Comparative static analysis of the generalized model's predictions.
- Demonstration of the derivability of previous health investment models from the generalized framework.
Main Results:
- The generalized model incorporates refined assumptions, overcoming limitations of prior models.
- Most existing health investment models can be derived from this generalized framework.
- The model proves applicable to a wider range of economic problems related to health behavior.
Conclusions:
- The generalized health investment model provides a more robust framework for analyzing health and medical care demand.
- This refined model enhances the scope of economic explanations for health-related behaviors.
- The study contributes to a deeper understanding of the economic determinants of health investment.
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