Online Appendices for Finkelstein, Luttmer and Notowidigdo: “What Good is Wealth Without Health? The Effect of Health on the Marginal Utility of Consumption” Online Appendix A: Derivations and Extensions of the Theoretical Model Determination of optimal savings
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Without Health? The Effect of Health on the Marginal Utility of Consumption” Online Appendix A: Derivations and Extensions of the Theoretical Model Determination of optimal savings We now prove the claim from Section 3.1 that individuals’ second-period wealth is proportional to their lifetime income and we determine the proportionality factor w. We first calculate expected second-period utility as a function of second-period wealth by taking the weighted average of equations (4) and (8), where the weights are the 1-p and p respectively. This yields:
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تاریخ انتشار 2012