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Summary

This study examines optimal health and consumption choices over a lifetime, considering how individual healthcare impacts mortality and societal well-being through externalities. It proposes transfer schemes to align private incentives with social optimality.

Keywords:
Demand for healthExternalityLife cycle-modelOptimal controlTax–subsidyValue of life

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Area of Science:

  • Health Economics
  • Public Health Policy
  • Behavioral Economics

Background:

  • Individual healthcare decisions affect personal mortality but also generate positive (learning-by-doing) or negative (congestion) externalities on others' survival.
  • Existing life cycle models often overlook these health-related spillover effects.
  • Understanding the divergence between private and social values of life is crucial for policy.

Purpose of the Study:

  • To analyze the socially versus individually optimal life cycle allocations of consumption and health.
  • To quantify the deviation between private and social incentives in health care decisions.
  • To design transfer schemes that align individual behavior with societal welfare.

Main Methods:

  • Integration of an age-structured optimal control model at the population level with a conventional life cycle model.
  • Derivation of the social and private value of life.
  • Numerical analysis to illustrate the model's dynamics and policy implications.

Main Results:

  • Identification of age-specific patterns for socially and individually optimal health expenditures.
  • Quantification of the optimal transfer rate needed to bridge the gap between private and social incentives.
  • Demonstration of how externalities influence life cycle health investment decisions.

Conclusions:

  • Individual health care choices have significant societal implications due to externalities.
  • Policy interventions, such as transfer schemes, are necessary to achieve socially optimal health outcomes.
  • The study provides a framework for understanding and optimizing health investments across the life cycle.