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Smoking and Health Investments: Impacts of Health Adaptation and Damage Reversibility
By Carbone, J., S. Kverndokk og O. J. Røgeberg
HERO Working Paper 12/2003
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Abstract |
In the present paper we examine how different sets of beliefs about the health effects of smoking would influence a rational smoker. By embedding the rational addiction theory in a Grossman model of health investment modified to take account of psychological adaptation effects, we present a model of a rational addict that allows us to explicitly specify beliefs about a direct and indirect effect on both death risk and utility. This allows us to study how a rational addict would smoke with different beliefs of cancer risks, and with or without the well-documented ability to adapt to health changes. Numerical simulation results illustrate a number of different incentives that influence the smoking paths and health investments under the various beliefs, and suggests that beliefs have different impacts at different ages, providing a richer set of dynamics than might initially be expected. |
| JEL Classification:
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C61; D91; I12 |
| Keywords:
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Rational addiction; Demand for health; Adaptation; Risk; Life extension |
| ISBN:
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82-7756-116-4 |
| Project:
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4101 Economics of health
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| Financing:
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Norwegian Research Council |
| Contact:
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snorre.kverndokk@frisch.uio.no |
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