| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP5394
|
| DP5394 A cost-of-living dynamic price index, with an application to indexing retirement accounts |
| [unavailable]
|
| 发表日期 | 2005-12-12
|
| 出版年 | 2005
|
| 语种 | 英语
|
| 摘要 | We study a general equilibrium model where agents' preferences, productivity and labour endowments depend on their health status, and occupational choices affect individual health distributions. Efficiency typically requires agents of the same type to obtain different expected utilities if assigned to different occupations. Under mild assumptions, workers with riskier jobs must get higher expected utilities if health aspects production capabilities. The same holds if health aspects preferences and health enhancing consumption activities are sufficiently effective, so that income and health are substitutes. The converse obtains when health aspects preferences, but health enhancing consumption activities are not very effective, and hence income and health are complements. Competitive equilibria are first-
best if lottery contracts are enforceable, but typically not if only assets with deterministic payoffs are traded. Compensating wage differentials which equalize the utilities of workers in different jobs are incompatible with ex-ante efficiency. Finally, absent asymmetric
information, there exist deterministic cross-jobs transfers leading to ex-ante efficiency. |
| 主题 | Public Economics
|
| 关键词 | Compensating wage differentials
Competitive markets
Individual health risks
Pareto efficiency
|
| URL | https://cepr.org/publications/dp5394
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534254
|
推荐引用方式
GB/T 7714 |
[unavailable]. DP5394 A cost-of-living dynamic price index, with an application to indexing retirement accounts. 2005.
|
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