1. Consider the following 4 examples of health stock over the life cycle. a) From birth on, pairwise compare the lives by who gets greater utility from health (hint: use health (H) instead of age). Or, suppose that utility only depends on health, Fill in your answer in the 1" column of the table by indicating who gets greater utility. If utility is equal, mark an "" sign; if it's ambiguous, write "?" b) From age T on, pairwise compare the lives by who gets greater utility from health (hint: use health (H) instead of age). Or, suppose that utility only depends on health. Fill in your answer in the 2nd column. c) Repeat the exercise in part a) (from birth on) if the utility function only depends on remaining years of life (hint: use age instead of health (H). Use the 3d column. d) Repeat the exercise in part c) (from age = T) if the utility function only depends on remaining years of life (hint: use age instead of health (H)). Use the 4h column
1. Consider the following 4 examples of health stock over the life cycle. a) From birth on, pairwise compare the lives by who gets greater utility from health (hint: use health (H) instead of age). Or, suppose that utility only depends on health, Fill in your answer in the 1" column of the table by indicating who gets greater utility. If utility is equal, mark an "" sign; if it's ambiguous, write "?" b) From age T on, pairwise compare the lives by who gets greater utility from health (hint: use health (H) instead of age). Or, suppose that utility only depends on health. Fill in your answer in the 2nd column. c) Repeat the exercise in part a) (from birth on) if the utility function only depends on remaining years of life (hint: use age instead of health (H). Use the 3d column. d) Repeat the exercise in part c) (from age = T) if the utility function only depends on remaining years of life (hint: use age instead of health (H)). Use the 4h column
Chapter7: Uncertainty
Section: Chapter Questions
Problem 7.4P
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