Abstract
In this paper, the data from a socio—economic survey carried out in South Bohemia (a region of the Czech Republic) in the years 2003 and 2004 are used to estimate two models. The first model considers the health status of the individual to be an investment commodity, which enhances the productivity and the earning potential of the individual and thus his/her living standard. The second model considers the influence of health status of the individual on his/her life satisfaction and treats the health of the individual as a consumption commodity entering the individual preference function directly. In both models, the health status of the individual is significant in influencing dependent variables, living standard and life satisfaction respectively.
Similar content being viewed by others
Notes
I also used ‘Probit’ regression to do the same. It turns out that the results of both models are very similar
References
Becker, G. S. (1964). Human Capital. New York: Columbia University Press for the National Bureau of Economic Research.
Ben-Porath, Y. (1967). The production of human capital and the life cycle of earnings. Journal of Political Economy, 75, 353–367.
Dankova, I., & Dlouhy, M. (2001). Measuring state of health by means of the EuroQol questionnaire. Symposium 2, Institute of Health Policy and Economics, Prague
Mincer, J. (1974). Schooling, experience and earning. New York: National Bureau of Economic Research Press.
Kang, S.-M., & Shaver, P. (2003). Culture specific patterns in the prediction of life satisfaction. Personality and Social Psychology Bulletin, 29, 1596–1608.
Wilkinson, R., & Marmot, M. (Ed.) (2003). Social determinants of health. Solid facts. Second Edition. World Health Organization, Regional Office for Europe.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
About this article
Cite this article
Dittrich, L.O. Health Capital as a Determinant of Living Standard and Life Satisfaction. An Empirical Study. Int Adv Econ Res 17, 413–420 (2011). https://doi.org/10.1007/s11294-011-9312-5
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11294-011-9312-5