caa a22 4500 445332115 CHVBK 20180317142740.0 cr unu---uuuuu 170323e20110201xx s 000 0 eng 10.1007/s10198-010-0238-2 doi (NATIONALLICENCE)springer-10.1007/s10198-010-0238-2 Risk and uncertainty in health investment [Elektronische Daten] [Takao Asano, Akihisa Shibata] Extending the Grossman (J Polit Econ 80:223-255, 1972) model of health capital into a stochastic one, we analyze how the presence of Knightian uncertainty about the efficacy of health care affects the optimal health investment behavior of individuals. Using Gilboa and Schmeidler's (J Math Econ 18:141-153, 1989) model of maxmin expected utility (MMEU) with multiple priors, we show that an agent retains the initial level of health capital if the price of health care lies within a certain range. We also show that the no-investment range expands as the degree of Knightian uncertainty rises. Springer-Verlag, 2010 Health investment nationallicence Risk nationallicence Uncertainty nationallicence Asano Takao Faculty of Economics, Okayama University, 3-1-1 Tsushimanaka, Kita-ku, 700-8530, Okayama, Japan aut Shibata Akihisa Institute of Economic Research, Kyoto University, Yoshida, Sakyo-ku, 606-8501, Kyoto, Japan aut The European Journal of Health Economics Springer-Verlag 12/1(2011-02-01), 79-85 1618-7598 12:1<79 2011 12 10198 https://doi.org/10.1007/s10198-010-0238-2 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10198-010-0238-2 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Asano Takao Faculty of Economics, Okayama University, 3-1-1 Tsushimanaka, Kita-ku, 700-8530, Okayama, Japan aut NATIONALLICENCE 700 1- Shibata Akihisa Institute of Economic Research, Kyoto University, Yoshida, Sakyo-ku, 606-8501, Kyoto, Japan aut NATIONALLICENCE 773 0- The European Journal of Health Economics Springer-Verlag 12/1(2011-02-01), 79-85 1618-7598 12:1<79 2011 12 10198 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer