In this paper I discuss a standard model of life cycle consumption behavior when the discount rate depends on the state of health and health deteriorates with increasing age. I show that this feature allows the introduction of time-consistent discounting at a non-constant rate and to model, in a convenient way, the notion that individuals discount future payoffs at higher rates when the risk of death increases. I show that the model generates an empirically plausible age-consumption pattern even when perfect annuity markets exist.

中文翻译：

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跨期选择与健康相关的折扣

在本文中，我讨论了折扣率取决于健康状况并且健康随着年龄增长而恶化时的生命周期消费行为的标准模型。我展示了此功能允许以非恒定速率引入时间一致的贴现，并以一种方便的方式对以下概念进行建模：当死亡风险增加时，个人以较高的速率贴现未来的收益。我证明，即使存在完善的年金市场，该模型也会产生经验上合理的年龄消费模式。