health behavior. For that purpose we set up a physiologically founded model of health deficit accumulation and calibrate it … using recent insights from gerontology. From fitting life cycle health expenditure and life expectancy we obtain estimates …

thereby, in the context of health economics, not enough investment in health and too much indulgence of unhealthy consumption … health than they would if they had a constant rate of time preference. Using a calibrated life-cycle model of human aging, we … high weight in life time utility. In an extension we show that the introduction of health-dependent survival probability …