Figure 4
Phase diagram of the deviation…
Figure 4
Phase diagram of the deviation from the unperturbed path, resulting from variation in…
Figure 4Phase diagram of the deviation from the unperturbed path, resulting from variation in initial wealth δA0, of the relative marginal value of health ∂ q h / a ( t ) / ∂ A 0 | T and of the health stock ∂ H ( t ) / ∂ A 0 | T , for fixed T.
Figure 5
Phase diagram of the deviation…
Figure 5
Phase diagram of the deviation from the unperturbed path, resulting from variation in…
Figure 5Phase diagram of the deviation from the unperturbed path, resulting from variation in initial wealth δA0, of the relative marginal value of health ∂ q h / a ( t ) / ∂ A 0 | T and of the health stock ∂ H ( t ) / ∂ A 0 | T , for fixed T. The left panel represents the situation where the ( ∂ / ∂ t ) [ ∂ H ( t ) / ∂ A 0 | T nullcline is steeper than the ( ∂ / ∂ t ) [ ∂ q h / a ( t ) / ∂ A 0 | T nullcline and the right panel represents the opposite case.
Figure 6
Phase diagram of the deviation…
Figure 6
Phase diagram of the deviation from the unperturbed path, resulting from variation in…
Figure 6Phase diagram of the deviation from the unperturbed path, resulting from variation in initial wealth δA0, of the relative marginal value of health ∂ q h / a ( t ) / ∂ A 0 | T and of the health stock ∂ H ( t ) / ∂ A 0 | T , for fixed T with ∂ q A ( 0 ) / ∂ A 0 > 0 | T .
Figure 7
Phase diagram of the deviation…
Figure 7
Phase diagram of the deviation from the unperturbed path, resulting from variation in…
Figure 7Phase diagram of the deviation from the unperturbed path, resulting from variation in initial wealth δA0, of the relative marginal value of health ∂qh/a(t)/∂A0 and of the health stock ∂H(t)/∂A0, allowing length of life T to be optimally chosen. The four vertical dotted lines represent different potential values for the end point ∂H(T)/∂A0.
Figure 8
Phase diagram of the deviation…
Figure 8
Phase diagram of the deviation from the unperturbed path, resulting from variation in…
Figure 8Phase diagram of the deviation from the unperturbed path, resulting from variation in permanent wages δwE, of the relative marginal value of health ∂qh/a(t)/∂wE and of the health stock ∂H(t)/∂wE, allowing length of life T to be optimally chosen. The four vertical dotted lines represent different potential values for the end point ∂H(T)/∂wE.
Figure 9
Phase diagram of the deviation…
Figure 9
Phase diagram of the deviation from the unperturbed path, resulting from variation in…
Figure 9Phase diagram of the deviation from the unperturbed path, resulting from variation in initial wealth δH0, of the relative marginal value of health ∂ q h / a ( t ) / ∂ H 0 | T and of the health stock ∂ H ( t ) / ∂ H 0 | T , for fixed T.
Figure 10
Phase diagram of the deviation…
Figure 10
Phase diagram of the deviation from the unperturbed path, resulting from variation in…
Figure 10Phase diagram of the deviation from the unperturbed path, resulting from variation in initial health δH0, of the relative marginal value of health ∂qh/a(t)/∂H0 and of the health stock ∂H(t)/∂H0, for free T. The left shows feasible trajectories a through g for the case where the starting point ∂H(t)/∂H0 = 1 is located to the left of the steady state, and the phase diagram on the right shows feasible trajectories a through f for the case where the starting point ∂H(t)/∂H0 = 1 is located to the right of the steady state (the starting values are indicated by the dashed vertical lines in both phase diagrams).
Figure 1
Model simulation of health (left…
Figure 1
Model simulation of health (left figure) and health investment (right figure) using calibrated…
Figure 1Model simulation of health (left figure) and health investment (right figure) using calibrated parameter values in Table 1. The solid lines indicate the model simulations, and the dots indicate the empirical data moments constructed from PSID (health) and MEPS (health investment).
Figure 2
Evolution of the relative marginal…
Figure 2
Evolution of the relative marginal value of health q h/a ( t )…
Figure 2Evolution of the relative marginal value of health qh/a(t) with age due to variation in A0. The solid thick line, labelled “Unperturbed”, represents the unperturbed path. The perturbed paths are shown for the T fixed case (dotted line, labelled “T fixed”), scenario I, associated with small life extension TI (dotted line, labelled “I”), and scenario II, associated with large life extension TII (dotted line labelled “II”).
Figure 3
Evolution of the relative marginal…
Figure 3
Evolution of the relative marginal value of health q h/a ( t )…
Figure 3Evolution of the relative marginal value of health qh/a(t) with age due to variation in H0. The solid thick line, labelled “Unperturbed”, represents the unperturbed path. The perturbed paths are shown for the T fixed case (dotted line, labelled “T fixed”), scenario I, associated with small life extension TI (dotted line, labelled “I”), scenario II, associated with intermediate life extension TII (dotted line labelled “II”), and scenario III, associated with large life extension (dotted line labelled “III”).
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