The Economics of Aerobics英文文献资料.pdf

THE ECONOMICS OF AEROBICS KEMPER W. MORELAND∗ This study presents a simple model that weighs the benefits and costs of aerobic exercise to the individual. The model assumes that adding years to life serves as the primary benefit of exercise, and that hours of exercise over a lifetime serve as the cost. Given previous estimates of individual rates of time preference this study finds that people act rationally when they choose to watch a track event rather than choose to run themselves. (JEL I1) The price of anything is the amount of life you demand for their products. In addition, we note exchange for it. (H. D. Thoreau) that there are also costs associated with running: the Centers for Disease Control (2002) lists aer- obic exercise as one of the top injury activities I. INTRODUCTION for men and women over 20. For convenience and tractability, we avoid these ancillary costs Exercise is good for you. No physician, dieti- and benefits by assuming that longevity serves cian, or health expert would deny this apho- as the sole benefit from running (or equivalently, rism, but economists often evaluate programs that any additional benefits are offset by costs). that other experts—not to mention popular opin- ion—have judged to be unquestionably worth- while. This study continues this trad