{"id":"https://openalex.org/W4386967134","doi":"https://doi.org/10.1002/soej.12656","title":"Optimal investment in health when lifetime is stochastic, or, rational agents do not often follow health recommendations","display_name":"Optimal investment in health when lifetime is stochastic, or, rational agents do not often follow health recommendations","publication_year":2023,"publication_date":"2023-09-22","ids":{"openalex":"https://openalex.org/W4386967134","doi":"https://doi.org/10.1002/soej.12656","mag":"2888022021"},"language":"en","primary_location":{"id":"doi:10.1002/soej.12656","doi":"https://doi.org/10.1002/soej.12656","is_oa":true,"landing_page_url":"http://dx.doi.org/10.1002/soej.12656","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/soej.12656","source":{"id":"https://openalex.org/S16296580","display_name":"Southern Economic Journal","issn_l":"0038-4038","issn":["0038-4038","2325-8012"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Southern Economic Journal","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/soej.12656","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5049082594","display_name":"Kristian Bolin","orcid":"https://orcid.org/0000-0003-1682-295X","observed_orcids":["https://orcid.org/0000-0003-1682-295X"]},"institutions":[{"id":"https://openalex.org/I881427289","display_name":"University of Gothenburg","ror":"https://ror.org/01tm6cn81","country_code":"SE","type":"education","lineage":["https://openalex.org/I881427289"]}],"countries":["SE"],"is_corresponding":true,"raw_author_name":"Kristian Bolin","raw_affiliation_strings":["Department of Economics, Centre for Health Governance, University of Gothenburg, Gothenburg, Sweden"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, Centre for Health Governance, University of Gothenburg, Gothenburg, Sweden","institution_ids":["https://openalex.org/I881427289"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5030207248","display_name":"Michael R. Caputo","orcid":"https://orcid.org/0000-0002-2627-4611","observed_orcids":["https://orcid.org/0000-0002-2627-4611"]},"institutions":[{"id":"https://openalex.org/I106165777","display_name":"University of Central Florida","ror":"https://ror.org/036nfer12","country_code":"US","type":"education","lineage":["https://openalex.org/I106165777"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michael R. Caputo","raw_affiliation_strings":["Department of Economics, University of Central Florida, Orlando, Florida, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, University of Central Florida, Orlando, Florida, USA","institution_ids":["https://openalex.org/I106165777"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5049082594"],"corresponding_institution_ids":["https://openalex.org/I881427289"],"apc_list":{"value":2730,"currency":"USD","value_usd":2730},"apc_paid":{"value":2730,"currency":"USD","value_usd":2730},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"90","issue":"2","first_page":"242","last_page":"258"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12781","display_name":"Global Health Care Issues","score":0.43380001187324524,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12781","display_name":"Global Health Care Issues","score":0.43380001187324524,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.14149999618530273,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.12780000269412994,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/health-investment","display_name":"health investment","score":0.9120000004768372},{"id":"https://openalex.org/keywords/health-recommendations","display_name":"health advice","score":0.8220000267028809},{"id":"https://openalex.org/keywords/rational-decision-making","display_name":"rational decision-making","score":0.5789999961853027},{"id":"https://openalex.org/keywords/forward-looking-behavior","display_name":"forward-looking behavior","score":0.6380000114440918},{"id":"https://openalex.org/keywords/wealth-accumulation","display_name":"wealth accumulation","score":0.7039999961853027},{"id":"https://openalex.org/keywords/mortality-risk","display_name":"mortality risk","score":0.5289999842643738},{"id":"https://openalex.org/keywords/behavioral-economics","display_name":"behavioral economics","score":0.4300000071525574}],"concepts":[{"id":"https://openalex.org/C2777019708","wikidata":"https://www.wikidata.org/wiki/Q1412340","display_name":"Irrationality","level":3,"score":0.8273888230323792},{"id":"https://openalex.org/C94931360","wikidata":"https://www.wikidata.org/wiki/Q607728","display_name":"Irrational number","level":2,"score":0.7046942710876465},{"id":"https://openalex.org/C2779271205","wikidata":"https://www.wikidata.org/wiki/Q1053973","display_name":"Temptation","level":2,"score":0.6734664440155029},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5905410051345825},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5188042521476746},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.5131297707557678},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4971201717853546},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.4758988320827484},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.4392610490322113},{"id":"https://openalex.org/C31772880","wikidata":"https://www.wikidata.org/wiki/Q2666479","display_name":"Rational agent","level":2,"score":0.4356236457824707},{"id":"https://openalex.org/C28719098","wikidata":"https://www.wikidata.org/wiki/Q44946","display_name":"Point (geometry)","level":2,"score":0.43073397874832153},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4083055853843689},{"id":"https://openalex.org/C201717286","wikidata":"https://www.wikidata.org/wiki/Q938185","display_name":"Rationality","level":2,"score":0.3676047623157501},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.16029968857765198},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.15374574065208435},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.09470939636230469},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.09380796551704407},{"id":"https://openalex.org/C133425853","wikidata":"https://www.wikidata.org/wiki/Q60571","display_name":"Neoclassical economics","level":1,"score":0.08802497386932373},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1002/soej.12656","doi":"https://doi.org/10.1002/soej.12656","is_oa":true,"landing_page_url":"http://dx.doi.org/10.1002/soej.12656","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/soej.12656","source":{"id":"https://openalex.org/S16296580","display_name":"Southern Economic Journal","issn_l":"0038-4038","issn":["0038-4038","2325-8012"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Southern Economic Journal","raw_type":"journal-article"},{"id":"mag:2888022021","doi":null,"is_oa":false,"landing_page_url":"https://gupea.ub.gu.se/bitstream/2077/57318/1/gupea_2077_57318_1.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:hhs:gunwpe:0734","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/2077/57318","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:gupea.ub.gu.se:2077/57318","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/2077/57318","pdf_url":null,"source":{"id":"https://openalex.org/S4306401168","display_name":"Gothenburg University Publications Electronic Archive (Gothenburg University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I881427289","host_organization_name":"University of Gothenburg","host_organization_lineage":["https://openalex.org/I881427289"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"report"}],"best_oa_location":{"id":"doi:10.1002/soej.12656","doi":"https://doi.org/10.1002/soej.12656","is_oa":true,"landing_page_url":"http://dx.doi.org/10.1002/soej.12656","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/soej.12656","source":{"id":"https://openalex.org/S16296580","display_name":"Southern Economic Journal","issn_l":"0038-4038","issn":["0038-4038","2325-8012"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Southern Economic Journal","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/3","display_name":"Good health and well-being","score":0.9391000270843506}],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320323421","display_name":"G\u00f6teborgs Universitet","ror":"https://ror.org/01tm6cn81"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4386967134.pdf","grobid_xml":"https://content.openalex.org/works/W4386967134.grobid-xml"},"referenced_works_count":40,"referenced_works":["https://openalex.org/W12946444","https://openalex.org/W150239179","https://openalex.org/W235670774","https://openalex.org/W656490195","https://openalex.org/W1547422201","https://openalex.org/W1550900132","https://openalex.org/W1647079230","https://openalex.org/W1690230221","https://openalex.org/W1978248025","https://openalex.org/W1986605724","https://openalex.org/W1989086700","https://openalex.org/W1994295595","https://openalex.org/W2022913445","https://openalex.org/W2027182904","https://openalex.org/W2030562101","https://openalex.org/W2056238792","https://openalex.org/W2076543265","https://openalex.org/W2079632781","https://openalex.org/W2094145972","https://openalex.org/W2113750392","https://openalex.org/W2114504287","https://openalex.org/W2122033659","https://openalex.org/W2128089872","https://openalex.org/W2150651404","https://openalex.org/W2256988667","https://openalex.org/W2315464131","https://openalex.org/W2799427214","https://openalex.org/W2890695304","https://openalex.org/W2898306110","https://openalex.org/W2945731581","https://openalex.org/W2984289657","https://openalex.org/W3080167852","https://openalex.org/W3092861045","https://openalex.org/W3108607545","https://openalex.org/W3121934220","https://openalex.org/W3125895955","https://openalex.org/W4225373052","https://openalex.org/W4226449555","https://openalex.org/W4252307431","https://openalex.org/W6684487570"],"related_works":["https://openalex.org/W2888022021","https://openalex.org/W3123499805","https://openalex.org/W7213658396","https://openalex.org/W2121685347","https://openalex.org/W7037019031","https://openalex.org/W2169241116","https://openalex.org/W2794014188","https://openalex.org/W2386770495","https://openalex.org/W1553712478","https://openalex.org/W2765090789"],"abstract_inverted_index":{"Abstract":[0],"There":[1],"exists":[2],"considerable":[3],"evidence":[4],"that":[5,24,35,85,106,115,129,138],"people":[6],"do":[7],"not":[8,25],"often":[9],"follow":[10],"the":[11,58,107,112,132],"health":[12,16,27,66,122],"recommendations":[13,28],"issued":[14],"by":[15],"authorities.":[17],"It":[18],"might":[19],"be":[20],"tempting":[21],"to":[22,42],"think":[23],"following":[26],"is":[29,83,101],"a":[30,51,63],"sign":[31],"of":[32,60,65,80,135],"irrationality":[33],"and":[34,49,67,78,142],"behavioral":[36],"considerations":[37],"are":[38,90],"required":[39],"in":[40,69,91,111,120,126,140],"order":[41],"explain":[43],"such":[44,86],"behavior.":[45],"Despite":[46],"this":[47],"temptation,":[48],"using":[50],"general":[52],"health\u2010capital":[53],"model":[54],"which":[55,130],"accounts":[56],"for":[57],"consumption":[59],"many":[61],"goods,":[62],"stock":[64],"investment":[68],"it,":[70],"as":[71,73],"well":[72],"an":[74],"agent's":[75],"random":[76],"lifetime":[77],"accumulation":[79],"wealth,":[81],"it":[82,100],"shown":[84],"seemingly":[87],"irrational":[88],"decisions":[89],"fact":[92],"consistent":[93],"with":[94],"rational,":[95],"forward\u2010looking,":[96],"decision":[97],"making.":[98],"Moreover,":[99],"shown,":[102],"among":[103],"other":[104],"things,":[105],"prototypical":[108],"assumptions":[109],"employed":[110],"literature":[113],"imply":[114],"rational":[116],"agents":[117],"invest":[118],"more":[119],"their":[121],"at":[123,137],"each":[124],"point":[125,139],"time":[127],"than":[128],"minimizes":[131],"conditional":[133],"probability":[134],"dying":[136],"time,":[141],"thus":[143],"lack":[144],"sufficient":[145],"explanatory":[146],"reach.":[147]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2023-09-23T00:00:00"}
