Scandinavian Working Papers in Economics
Working Papers in Economics,
University of Gothenburg, Department of Economics
No 821: Specification of the Health Production Function and its Behavioral Implications
Kristian Bolin () and Michael R Caputo ()
Additional contact information
Kristian Bolin: Department of Economics, School of Business, Economics and Law, Göteborg University, Postal: P.O. Box 640, SE 40530 GÖTEBORG, Sweden
Michael R Caputo: University of Central Florida, Postal: Department of Economics, University of Central Florida, P.O. Box 161400, Orlando, FL 32816-1400
Abstract: The health production function of the canonical health-capital model is generalized to allow the state of health to affect the total and marginal products of health investment. If the total and marginal products of health investment are nonincreasing functions of the state of health, then the solution of the generalized model is locally qualitatively identical to that of the canonical model. Moreover, in contrast to the canonical model, the generalized model is able to rationalize the cycling of the state of health and health investment observed in some individuals. The necessary conditions on the health production function for cyclical behavior are identified as well.
Keywords: health investment; health production function; health stock; optimal control
Language: English
26 pages, May 2022
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