The meaning of death: some simulations of a model of healthy and unhealthy consumption.
Simulations of a model of healthy and unhealthy consumption are used to investigate the impact of various terminal conditions on life-span, pathways of health-related consumption and health. A model in which life-span and the 'death' stock of health are fixed is compared to versions in which (i) the 'death' stock of health is freely chosen; (ii) life-span is freely chosen; (iii) both the 'death' stock of health and life-span are freely chosen. The choice of terminal conditions has a striking impact on optimal plans. Results are discussed with reference to the existing demand for health literature and illustrate the application of iterative processes to determine optimal life-span, the role played by the marginal value of health capital in determining optimal plans, and the importance of checking the second-order conditions for the optimal choice of life-span.
Forster
M
M
Department of Economics and Related Studies, University of York, Heslington, UK. mf8@york.ac.uk
D001293:Attitude to Death; D019985:Benchmarking; D003657:Decision Making; D015438:Health Behavior; D006301:Health Services Needs and Demand / Q000706:statistics & numerical data*; D006801:Humans; D008017:Life Expectancy; D008019:Life Style; D015233:Models, Statistical; D019452:Terminally Ill / Q000523:psychology*; D013997:Time Factors