{"id":22211,"date":"2020-12-15T13:20:12","date_gmt":"2020-12-15T13:20:12","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=22211"},"modified":"2020-12-15T13:20:12","modified_gmt":"2020-12-15T13:20:12","slug":"another-factor-that-affects-health-promotion-behavior-is-the-individuals-valuation-of-benefits-in-different-time-periods","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/12\/15\/another-factor-that-affects-health-promotion-behavior-is-the-individuals-valuation-of-benefits-in-different-time-periods\/","title":{"rendered":"Another factor that affects health-promotion behavior is the individual\u2019s valuation of benefits in different time periods."},"content":{"rendered":"<style type=\"text\/css\"><\/style><h4>Another factor that affects health-promotion behavior is the individual\u2019s valuation of benefits in different time periods.<\/h4>\n<p>MRS. SIEGAL HAS TWO ALTERNATIVE ACTIVITIES TO HELP RELIEVE HER BACKACHE. IN THE FIRST, SHE CAN VISIT\u2026<\/p>\n<p>Read this and answer exercise #4 4.7.2 Limitations of the Model<\/p>\n<p>The theory of the demand for health<br \/>\ncare under conditions of uncertainty has the virtue of explicitly organizing<br \/>\nsome of the variables that are central to the decision to engage in activities<br \/>\nthat promote health. As presented, however, it has an important limitation.<\/p>\n<p>The reader may find it strange that<br \/>\nthe utility function, which is supposed to measure satisfaction, does not<br \/>\ninclude health. This is indeed a shortcoming of the model, because well-being<br \/>\ncan depend on health status as well as wealth. The model looks only at<br \/>\nfinancial aspects of the situation, in effect assuming that the care fully and<br \/>\ninstantly restores health, with no utility implications of either the illness<br \/>\nor the process of getting care. Clearly this is an unrealistic assumption.<br \/>\nIncluding health status creates a much more complicated model that is more<br \/>\ndifficult to apply, and while it is important to understand that we have<br \/>\nabstracted from reality, this should not detract from the value of the model.<br \/>\nThe present model has the virtue of focusing on the benefits of risk shifting,<br \/>\nwhich is an economic good that is distinct from medical care.<\/p>\n<p>4.7.3<br \/>\nDiscounting Future Values<\/p>\n<p>Another factor that affects<br \/>\nhealth-promotion behavior is the individual\u2019s valuation of benefits in<br \/>\ndifferent time periods. Health promotion activities, such as the use of<br \/>\ncondoms, smoking cessation, vaccinations, and clean needles (for drug users)<br \/>\nand unhealthy activities, such as smoking, engaging in unsafe sex, and<br \/>\nexcessive drug use, generally do not have good or bad impacts on health<br \/>\nimmediately. It takes a long time, sometimes years, for individuals to<br \/>\nexperience adverse health effects. The timing of health benefits will have an<br \/>\ninfluence on the demand for health-related activities that promote these<br \/>\nbenefits.<\/p>\n<p>It is generally assumed that $1,000<br \/>\nin current benefits will be worth more to an individual than $1,000 in benefits<br \/>\none year from now. The value of the preference for earlier rather than later<br \/>\nperiods can be expressed in terms of a discount rate, called r. If an<br \/>\nindividual is asked how much money he or she would accept at the end of 2001<br \/>\nrather than have $1,000 at the beginning of 2001, the person might take $1,100<br \/>\nat the end of the period. In other words, $1,000 on January 1, 2001, would be<br \/>\nworth as much as $1,100 one year later. The discount rate is .1, and the<br \/>\ndiscounting equation is be expressed as $1,000 \u00d7 (1 + .1) = $1,100, or<br \/>\nsymbolically as $1,000 \u00d7 (1 + r) = $1,100. This may be rewritten as<br \/>\n$1,000 = $1,100\/(1 + r). This equation says that, in the individual\u2019s<br \/>\neyes, $1,100 one year hence will be equivalent to $1,100\/(1 + r), or<br \/>\n$1,000, now. The discount rate for an individual is derived largely from<br \/>\nintrospection\u2014from an acceptance that a given future amount and a lesser<br \/>\ncurrent amount provide the same satisfaction at the present moment.<\/p>\n<p>The same principle holds for<br \/>\ncomparisons between December 31, 2001, and December 31, 2002. That is, $1,000<br \/>\nat the end of 2001 is equivalent to $1,100 at the end of 2002 if the<br \/>\nindividual\u2019s discount rate is .1. By inference, then, $1,000 at the end of 2002<br \/>\nwould be worth $1,000\/[(l + r) \u00d7 (l + r)] on January 1, 2001<br \/>\n(also expressible as $1,000\/(l + r)2). Similarly, $1,000 on<br \/>\nDecember 31, 2003, would be worth $1,000\/(l + r)3 at the<br \/>\nstart of 2001, and so on. Generally, improved health or added life yields a<br \/>\nstream of benefits. That is, a saved life on January 1, 2001 will yield<br \/>\nbenefits in 2001 (valued as of December 31, 2001), 2002 (valued as of December<br \/>\n31, 2002), 2003 (valued as of December 31, 2003), and so on. If the benefits<br \/>\nare $2,000 each year, the present value of future benefits can be<br \/>\nexpressed as $2,000 + 2,000\/(1 + r) + 2,000\/(1 + r)2,<br \/>\nand so on, for as long as benefits last. The letter usually used to symbolize<br \/>\nthe annual benefits is B, with subscripts 0, 1, 2, . . . for right now<br \/>\n(0), one year hence (1), two years hence (2), and so on. In our current<br \/>\nexample, B0 = B1 = B2,<br \/>\nand the present value of benefits can be expressed symbolically as<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>Another factor that affects health-promotion behavior is the individual\u2019s valuation of benefits in different time periods. MRS. SIEGAL HAS TWO ALTERNATIVE ACTIVITIES TO HELP RELIEVE HER BACKACHE. IN THE FIRST, SHE CAN VISIT\u2026 Read this and answer exercise #4 4.7.2 Limitations of the Model The theory of the demand for health care under conditions of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22211","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Another factor that affects health-promotion behavior is the individual\u2019s valuation of benefits in different time periods. - onlineclassesguru<\/title>\n<meta name=\"description\" content=\"Another factor that affects health-promotion behavior is the individual\u2019s valuation of benefits in different time periods.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2020\/12\/15\/another-factor-that-affects-health-promotion-behavior-is-the-individuals-valuation-of-benefits-in-different-time-periods\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another factor that affects health-promotion behavior is the individual\u2019s valuation of benefits in different time periods. - 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