Precautionary Investment in Wealth and Health
研究了在随机回报下，健康与财富投资如何反应，区分了仅选择健康投资和同时选择两者的情况，并分析了偏好特征（如交叉谨慎/非谨慎）及替代/互补性的作用。
Abstract This article studies how health and wealth investments react to the presence of random returns, distinguishing the case where only the level of health investment is chosen from the case where both health and wealth investments are chosen. We show that this reaction depends mainly on certain features of preferences: cross‐prudence/imprudence in wealth, cross‐prudence/imprudence in health, and the value of the indexes of relative prudence in wealth and in health being larger or smaller than the threshold of 2. We also show the role of Edgeworth–Pareto substitutability/complementarity between wealth and health investments in determining optimal choices.