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Economics of self‐medication: theory and evidence

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FR Chang… - Health economics, 2003 - Wiley Online Library
Abstract A pervasive phenomenon in developing countries is that self-prescribed
medications are purchased from drug vendors without professional supervision. In this
article we develop a model of self-medicating behavior of a utility-maximizing consumer ...
Cited by 54 - Related articles - BL Direct - All 10 versions

The inverse optimal problem: A dynamic programming approach

FR Chang - Econometrica: Journal of the Econometric Society, 1988 - JSTOR
The paper solves the stochastic inverse optimal problem. Dynamic programming is used to
transform the original problem into a differential equation. Such an equation is well-defined
(with probability one) if the production function is sufficiently concave at infinity. When the ...
Cited by 52 - Related articles - Get it from MIT Libraries - All 6 versions

[CITATION] Uncertainty and investment in health

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FR Chang - Journal of Health Economics, 1996 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
Cited by 47 - Related articles - Cached - All 9 versions

On the elasticities of harvesting rules

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FR Chang - Journal of Economic Dynamics and Control, 2005 - Elsevier
In this paper, we rank the relative importance of the exogenous parameters upon the optimal
harvesting size in a stochastic rotation problem. We show that when the tree growth follows
geometric Brownian motion, the harvesting size is most elastic to the harvesting cost, ...
Cited by 31 - Related articles - Library Search - All 22 versions

Uncertain lifetimes, retirement and economic welfare

FR Chang - Economica, 1991 - JSTOR
The effect of increased life expectancy on retirement age is ambiguous, because a change
in the survival probability is analogous to a change in intertemporal prices. It is shown that
the decision to retire earlier or later depends on the old-age saving behaviour. Early ...
Cited by 28 - Related articles - Get it from MIT Libraries - All 5 versions

Asymptotic growth under uncertainty: existence and uniqueness

FR Chang… - The Review of Economic Studies, 1987 - JSTOR
This paper demonstrates, using the Reflection Principle, the existence and uniqueness of
the solution to the classic Solow equation under continuous time uncertainty for the class of
strictly concave production functions which are continuously differentiable on the ...
Cited by 18 - Related articles - Get it from MIT Libraries - All 7 versions

[BOOK] Property Insurance, Portfolio Selection and their Interdependence

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FR Chang - 2008 - papers.ssrn.com
Abstract: This paper studies the interdependence between property insurance and portfolio
selection. The insurance premium of property loss is shown to play the role of subsistence
consumption in the analysis. Then," security" becomes a necessity good and an increase ...
Cited by 15 - Related articles - Get it from MIT Libraries - Library Search - All 24 versions

Homogeneity and the transactions demand for money

FR Chang - Journal of Money, Credit, and Banking, 1999 - JSTOR
The paper presents the properties of money demand implied by the Frenkel-Jovanovic
(1980) inventory model. Without approximation, the money demand function is implicitly
defined by the first-order condition of the model. From the implicit function, we show that ...
Cited by 13 - Related articles - Get it from MIT Libraries - BL Direct - All 5 versions

Randomization of commodity taxes:: An expenditure minimization approach

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FR Chang… - Journal of Public Economics, 1986 - Elsevier
Abstract Using an expenditure minimization approach, necessary and sufficient conditions
for local random taxation are obtained in terms of the curvature of the compensated demand
function, so that intuition from excess burden analysis can be applied. Major findings ...
Cited by 9 - Related articles - All 5 versions

A theory of health investment under competing mortality risks

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FR Chang - Journal of health economics, 2005 - Elsevier
In this paper, we present a theory of health investment when there are multiple causes of
death. We analyze the optimal investment rules and the comparative statics. In particular, we
examine the conditions under which a cause-specific intervention has a spillover effect. By ...
Cited by 6 - Related articles - All 12 versions

Note on the Stochastic Value Loss Assumption.

FR Chang - Journal of Economic Theory, 1982 - csa.com
In their recent work, Brock and Majumdar proposed a set of sufficient conditions for the
asymptotic stability of optimal growth under uncertainty from which a turnpike theorem is
deduced. One of the proposed conditions is a stochastic version of the Cass-Shell- ...
Cited by 7 - Related articles - Get it from MIT Libraries - All 5 versions

Life insurance, precautionary saving and contingent bequest

FR Chang - Mathematical Social Sciences, 2004 - Elsevier
We present a model of life-insurance purchase that takes into account the age of the
beneficiary. The beneficiaries considered herein are young children with no resources
whose consumption needs are protected by purchasing life insurance if the breadwinner ...
Cited by 5 - Related articles - Get it from MIT Libraries - Library Search - All 10 versions

[CITATION] Optimal growth with recursive preferences

FR Chang - Department of Economics, Indiana University, 1987
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[CITATION] Adjustment Costs, Optimal Investment and Uncertainty

FR Chang - 1993 - Working Paper, Department of …
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Optimal growth and impatience: A phase diagram analysis

Full text - MIT Libraries
FR Chang - International Journal of Economic Theory, 2009 - Wiley Online Library
1. A draft of this paper was written in the summer of 2004 when I was a visiting research
fellow at the Economic Research Center (ERC) of Nagoya University, Japan. I would like to
thank the ERC for its hospitality, its excellent research environment and its financial ...
Cited by 3 - Related articles - All 5 versions

[CITATION] Optimal Investment Under Uncertainty and rational Bubbles

FR Chang - Working Papers, 1994 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Optimal
Investment Under Uncertainty and rational Bubbles. Fwu-Ranq Chang (). ...
Cited by 1 - Related articles - Cached - Get it from MIT Libraries - All 4 versions

[PDF] Insurance Purchase and Portfolio Selection: A Continuous Time Model

[PDF] from ifo.de
FR Chang - 2007 - ifo.de
Abstract This paper studies the interdependence of optimal consumption, insurance
purchase and portfolio selection, when property loss and capital risk are defined on two
different probability spaces. The paper shows that the insurance premium of property loss ...
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[PDF] Employment and Social Protection

[PDF] from cesifo-group.de
FR Chang… - 2010 - cesifo-group.de
Abstract This is a life-cycle model of retirement decision focusing on the effects of the
elasticity of intertemporal substitution (EIS) on consumption and retirement. We show that an
increase in the elasticity would lower the before-retirement propensity to consume. We ...
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