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Public and private expenditures on health in a growth model. (English) Zbl 1163.91470
Summary: This paper introduces endogenous longevity into an otherwise standard overlapping generations model with capital. In the model, a young agent may increase the length of her old age by incurring investments in health. Such private health investments are assumed to be more `productive’ if accompanied by complementary tax-financed public health programs. The presence of the public input in private longevity is shown to expose the economy to aggregate endogenous fluctuations and even chaos, and such volatility is impossible in its absence. The model is capable of generating dramatic reversals in life expectancy as has been observed in many countries.

91B62Growth models in economics
91B64Macro-economic models (monetary models, models of taxation)
91D20Mathematical geography and demography
92C99Physiological, cellular and medical topics
37N40Dynamical systems in optimization and economics
Full Text: DOI
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