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    Heterogenous human capital: life cycle investment in health and education

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    Heterogenous human capital: life cycle investment in health and education (156.6Kb)

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    Author
    Basov, S.
    Date
    2002-02
    University of Melbourne Author/s
    Basov, Suren
    Affiliation
    Economics and Commerce: Department of Economics
    Metadata
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    Document Type
    Preprint
    Citations
    Basov, Suren (2002) Heterogenous human capital: life cycle investment in health and education.
    Access Status
    Open Access
    URI
    http://hdl.handle.net/11343/33616
    Description

    ISBN 0734024932, Working paper 838.

    Abstract
    During the last forty years, economists have devoted a great deal of effort to developing the concept of human capital and applying it to explain investment in education, income inequality, and life-time earning profiles. Early contributions to the human capital theory suggested that there might exist several forms of human capital. In this paper I proposed a simple model that allows us to incorporate health-investment decisions into a life-cycle framework. The complementarity between savings, health, and education is created by an insurance motive for the accumulation of health. The model predicts a positive correlation between the health stock, education and savings rate for both high income countries and poor countries. I showed that investments in education are independent of health status for sufficiently high levels of health and increases in health if the health status is lo
    Keywords
    human capital; heatlh; education; investment

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