Depreciation, Investment, and Efficiency of Health Capital: An Empirical Analysis of Self-Rated Health Among Young-Old Adults

Abstract

Multiple factors associated with young-old adults’ self-rated health (SRH) have been identified in previous studies, yet the quantitative ranking of their relative importance remains limited. Grounded in Grossman’s Health Production Function theory, this research evaluates associations between chronic disease (health capital depreciation), income (investment capability), psychological flourishing (investment efficiency), and young-old adults’ SRH. Drawing on 2022 China Family Panel Studies data, multiple linear regression, relative weight analysis (RWA), and restricted cubic spline (RCS) were employed to examine these relationships. Chronic disease stands out as the strongest predictor (48.79%), followed by depression (12.86%), relative income (11.00%), and subjective well-being (9.39%), with RCS revealing non-linear associations between psychological flourishing and SRH. Health interventions should prioritize chronic disease management and mental health services while addressing income-related health inequalities, and multi-source longitudinal data integration and machine learning methods could deepen the understanding of health production mechanisms in future research.