Health, Human Capital, and Life Cycle Labor Supply
利用PSID数据估计一个包含健康资本存量和学习效应的劳动供给模型，发现学习效应和健康持续性显著，但时间和金钱对健康影响很小，且消费与休闲互为替代品，并与良好健康互补。
We use new PSID data on consumption and health, along with information on annual sick time, to estimate a structural labor supply model that incorporates a health capital stock with the traditional human capital learning-by-doing model. The estimates show strong evidence of learning by doing as well as strong persistence in health. However, the estimates reveal that time and money seem to have little effect on health consistent with 'flat of the curve' medicine. We find strong evidence that consumption and leisure are direct substitutes in preferences, and consumption and leisure are each utility complements with good health.