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Macroeconomics of Mental Health / Boaz Abramson, Job Boerma, Aleh Tsyvinski.
- Format:
- Book
- Author/Creator:
- Abramson, Boaz.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w32354.
- NBER working paper series no. w32354
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2024.
- Summary:
- We develop an economic theory of mental health. The theory is grounded in classic and modern psychiatric literature, is disciplined with micro data, and is formalized in a life-cycle heterogeneous agent framework. In our model, individuals experiencing mental illness have pessimistic expectations and lose time due to rumination. As a result, they work less, consume less, invest less in risky assets, and forego treatment which in turn reinforces mental illness. We quantify the societal burden of mental illness and evaluate the efficacy of prominent policy proposals. We show that expanding the availability of treatment services and improving treatment of mental illness in late adolescence substantially improve mental health and welfare.
- Notes:
- Print version record
- April 2024.
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