On the Dynamics of Demand for Leisure and the Production of Health
构建并估计了一个家庭健康生产结构模型，联合决定老年男性的休闲与消费需求，使用退休历史调查六期面板数据估计欧拉方程。
Our article develops and estimates a structural model of household health production that jointly determines the demand for leisure and the demand for consumption for elderly males. We use a stochastic dynamic programming framework based on the assumption that an individual maximizes lifetime utility subject to budget and time constraints and a health-production function by choosing hours of leisure and levels of consumption of health-related and health-neutral goods and services. Moreover, we use a very comprehensive health index that combines four scales measuring a variety of dimensions in the quality of life. The Euler equations derived from our model are estimated using data from six biennial panels of the Retirement History Survey.