Mathematical Study of Grossman's model of investment in health capital
Masterarbeit Mathematik
Supervision
Cooperation
Description
The aim of this thesis is to study the classical model of Grossman, 1972, to describe
health related behavior. Especially, we will discuss different recently raised criticisms.
Doing so, we will adapt and
extend the Grossman model to accomodate for new issues of health economy.
Key words:
Grossman model, health economics, socio-economic status
Literature:
- M.L. Cropper,
Health, Investment in Health, and Occupational Choice,
Journal of Political Economy 85 (1977), 1273-1294.
-
V. Dardanoni, A. Wagstaff,
Uncertainty, inequalities in health and the demand for health,
Journal of Health Economics 6 (1987), 283-290.
- I. Ehrlich, H. Chuma,
A model of the demand for longevity and the value of life extensions,
Journal of Political Economy 98 (1990), 761-782.
- B.S. Ferguson, G.C. Lim,
Introduction to dynamic economic models,
Manchester University Press, 1998.
- T.J. Galama, A. Kapteyn,
Grossman's missing health threshold,
Journal of Health Economics 30 (2011), 1044-1056.
- T.J. Galama, P. Hullegie, E. Meijer, S. Outcault,
Is there empirical evidence for decreasing returns to
scale in a health capital model?,
Health Economics 21 (2012), 1080-1100.
- M. Grossman,
On the concept of health capital and the demand for health,
Journal of Political Economy 80 (1972), 223-255.
- M. Grossman,
The Human Capital Model,
in: A.J. Culyer, J.P. Newhouse (eds.)
Handbook of Health Economics,
Volume 1, Elsevier Science, 2000.
- M. Grossman,
On optimal length of life,
Journal of Health Economics 17 (1998), 499-509.
- A. Jones, A. Laporte, N. Rice, E. Zucchelli,
A synthesis of the Grossman and Becker-Murphy models of
health and addiction: theoretical and empirical implications,
Centre for Health Economics,
Working Paper, University of York, 2014.
- R. Kaestner,
The Grossman model after 40 years: a reply to Peter Zweifel,
The European Journal of Health Economics 14 (2013), 357-360.
- K. Koka, A. Laporte, B.S. Ferguson,
Theoretical simulation in health economics:
An application to Grossman's model of investment in health capital,
Canadian Centre for Health Economics,
Working paper series, January 2014.
- A. Laporte, B.S. Ferguson,
Investment in health when health is stochastic,
Journal of Population Economics 20 (2007), 423-444.
- A. Laporte,
Should the Grossman model retain its Iconic status
in health economics?,
University of Toronto, Preprint May 2014
- D. Leonard, N. Van Long,
Optimal Control Theory and Static Optimization in Economics,
Cambridge University Press, 1992.
- J.-M. Muurinen,
Demand for health: A generalised Grossman model,
Journal of Health Economics 1 (1982), 5-28.
- W. Reid,
Comparative dynamic analysis of the full Grossman model,
Journal of Health Economics 17 (1998), 383-426.
- A.J. Robson, H.S. Kaplan,
Why do We Die? Economics, Biology and Aging,
American Economic Review 97 (2007), 492-495.
- A. Wagstaff
The Demand for Health:
An Empirical Reformulation of the Grossman Model,
Health Economics 2 (1993), 189-198.
- P. Zweifel,
The Grossman model after 40 years,
The European Journal of Health Economics 13 (2012), 677-682.
- P. Zweifel,
The Grossman model after 40 years: response to Robert Kaestner,
The European Journal of Health Economics 14 (2013), 361-362.
