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Private and social time preferences for health and money: an empirical estimation
Author(s) -
Lazaro Angelina,
Barberan Ramon,
Rubio Encarnacion
Publication year - 2001
Publication title -
health economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.55
H-Index - 109
eISSN - 1099-1050
pISSN - 1057-9230
DOI - 10.1002/hec.599
Subject(s) - estimation , preference , economics , time preference , sample (material) , social preferences , microeconomics , chemistry , management , chromatography
The main objective of this paper is to examine the relationship between individual time preference for health and money. To that end, we tested whether individuals discount their own health at the same rate as their own money and, similarly, whether they discount social health in the same terms as social money. To offer private and social money and health choices is, to the best of our knowledge, new in the literature on the estimation of time preferences and, in our view, represents a valid way in which to respond to the question of the uniform or differential discount of health, as against monetary, consequences. The results of our estimation suggest that a sample of students exhibit higher time preference rates for health than money, this being the case when the exchanges are both private and public. Copyright © 2001 John Wiley & Sons, Ltd.