@TechReport{iza:izadps:dp4482,
            	author={Halliday, Timothy J. and He, Hui and Zhang, Hao},
            	title={Health Investment over the Life-Cycle},
            	year={2009},
	month={Oct},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={4482},
            	url={https://www.iza.org/publications/dp4482},
	abstract={We study the evolution of health investment over the life-cycle by calibrating a model of endogenous health accumulation. The model is able to produce the decline in labor supply with age as well as the hump-shaped consumption profile. In both cases, health and health investment play a crucial role as the former encroaches upon healthy time and the latter crowds out non-medical expenditures as people age. Finally, we quantify the value of health as both an investment and a consumption good. We show that the investment motive is about three times higher than the consumption motive during the early 20s, but decreases over the life-cycle until it disappears at retirement. In contrast, the consumption motive increases with age and surpasses the investment motive during the mid 40s.},
	keywords={medical expenditures;structural model;health investment},
            }