In this paper, I show how medical progress, conceptualized as increasing
effectiveness of health spending in reducing health deficits, affects optimal
lifetime health behavior and health outcomes. To that end, I set up a stochastic
life cycle model with endogenous health and longevity, calibrate it for an
average American in the year 2010, and use counterfactual computational
experiments to examin... hiện toàn bộ
#Medical progress #Health behavior #Health deficits #Longevity #Life cycle model