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

Authors

  • Pu Ge Beijing University of Chinese Medicine image/svg+xml Author
  • Xinai Li Shanghai International Studies University image/svg+xml Author
  • Xiyuan Li Tianjin University of Traditional Chinese Medicine image/svg+xml Author
  • Qian Bai Tianjin University of Traditional Chinese Medicine image/svg+xml Author

DOI:

https://doi.org/10.65455/rb6fty08

Keywords:

Young-Old Adults, Self-Rated Health, Health Production Function, Relative Weight Analysis, Restricted Cubic Spline, CFPS

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.

References

[1]FENG Z, LIU C, GUAN X, et al. China’s Rapidly Aging Population Creates Policy Challenges in Shaping a Viable Long-term Care System. Health Affairs, 2012, 31: 2764–2773.

[2]WANG X Q, CHEN P J. Population Ageing Challenges Health Care in China. The Lancet, 2014, 383: 870.

[3]DESALVO K, BLOSER N, REYNOLDS K, et al. Mortality Prediction with a Single General Self-rated Health Question. Journal of General Internal Medicine, 2006, 21(3): 267-275.

[4]IDLER E, BENYAMINI Y. Self-rated Health and Mortality: A Review of Twenty-seven Community Studies. Journal of Health and Social Behavior, 1997, 38(1): 21-37.

[5]GROSSMAN M. On the Concept of Health Capital and the Demand for Health. Journal of Political Economy, 1972, 80(2): 223-255.

[6]DEPARTMENT OF HEALTH, GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION. *Population Health Survey Report: 2014-2015. Hong Kong: Centre for Health Protection, Department of Health, 2017.

[7]HANG H, REN X. Correlation Study of Community Social Environment and Self-Rated Health of Middle-Aged and Older Adults. Journal of Sichuan University (Medical Sciences), 2021, 52(6): 992–1000.

[8]JANG Y, YOON H, PARK N, et al. Self-rated Health as a Mediator Between Physical Health Conditions and Depressive Symptoms in Older Chinese and Korean Americans. PLoS ONE, 2021, 16(11): e0259622.

[9]HOUSE J S, LANTZ P M, HERD P. Continuity and Change in the Social Stratification of Aging and Health Over the Life Course: Evidence from a Nationally Representative Longitudinal Study from 1986 to 2001/2002 (Americans’ Changing Lives Study). The Journals of Gerontology: Series B, 2005, 60(Special_Issue_2): S15-S26.

[10]SHIBUYA K, HASHIMOTO H, YANO E. Individual Income, Income Distribution, and Self-rated Health in Japan: Cross-sectional Analysis of Nationally Representative Sample. BMJ, 2002, 324(7328): 16-19.

[11]KIM J. The Mediating Effects of Lifestyle Factors on the Relationship Between Socioeconomic Status and Self-rated Health Among Middle-aged and Older Adults in Korea. The International Journal of Aging and Human Development, 2011, 73(4): 339-357.

[12]GRAVELLE H, SUTTON M. Income, Relative Income, and Self-reported Health in Britain 1979-2000. Health Economics, 2009, 18(2): 125-145.

[13]YAO Y, ZHANG S, LI A. Effects of Educational Attainment and Housing Condition on Self-Rated Health in Old Age: Heterogeneity and Tendency in China. Frontiers in Public Health, 2021, 9: 774364.

[14]JING Z, ZHOU C, PEI M, et al. Impact of Community Care Services on the Health of Older Adults: A Cross-sectional Study in Older Chinese Communities. Frontiers in Public Health, 2023, 11: 1160151.

[15]KIM E S, DELANEY S W, TAY L, et al. Life Satisfaction and Subsequent Physical, Behavioral, and Psychosocial Health in Older Adults. The Gerontologist, 2021, 61(5): 754–765.

[16]HILL P L, EDMONDS G S, HAMPSON S E. A Purposeful Lifestyle is a Healthful Lifestyle: Linking Sense of Purpose to Self-Rated Health Through Multiple Health Behaviors. Journal of Health Psychology, 2019, 24(10): 1392–1400.

[17]WĘZIAK-BIAŁOWOLSKA D, BIAŁOWOLSKI P. Bidirectional Associations Between Meaning in Life and the Health, Emotional Ill-being and Daily Life Functioning Outcomes Among Older Adults. Psychology & Health, 2022, 37(9): 1066-1088.

[18]LEGEN U, RISTOVSKA G, LOVENJAK T, et al. The Associations Between Depressive Symptoms and Self-Rated Health in Relation to Sense of Coherence Among Adolescents: Cross-Sectional Study. Children, 2024, 11(10): 1244.

[19]WANG H Z, QIAO T T, FAN Y C. Effects of Activities of Daily Living and Self-Rated Health on Depression Symptoms in Older Adults with Chronic Diseases. Preventive Medicine, 2023, 35(4): 289-293.

[20]LAWRENCE H S. Meaning in Life Mediates the Relationships Between Physical and Social Functioning and Distress in Cancer Survivors. Columbus, USA: The Ohio State University, 2005.

[21]CHEN X H, MA R L, YE H L, et al. Association Between Self-rated Health and Age-adjusted Charlson Comorbidity Index Among Older Adults of Different Genders. Journal of Sun Yat-sen University (Medical Sciences), 2025, 46(5): 836-842.

[22]BI K W, CHEN P Y, CHEN S Q. Validating the 8-item Center for Epidemiological Studies Depression Scale-Chinese (CES-D-Chinese): Data from the China Family Panel Studies (CFPS). (2023)[2025-07-22].

[23]HARRELL F E Jr. Regression Modeling Strategies: With Applications to Linear Models, Logistic and Ordinal Regression, and Survival Analysis. 2nd ed. New York, USA: Springer, 2015.

[24]SCHRÖDER-BUTTERFILL E, FITHRY T S. Care Dependence in Old Age: Preferences, Practices and Implications in Two Indonesian Communities. Ageing & Society, 2014, 34(3): 361-387.

[25]OHNSON R C, SCHOENI R F. The Influence of Early-Life Events on Human Capital, Health Status, and Labor Market Outcomes Over the Life Course. B E Journal of Economic Analysis & Policy, 2011, 11(3).

[26]CHEN H, LIU Y, ZHU Z, et al. Does Where You Live Matter to Your Health? Investigating Factors That Influence the Self-rated Health of Urban and Rural Chinese Residents: Evidence Drawn from Chinese General Social Survey Data. Health and Quality of Life Outcomes, 2017, 15(1): 78.

Downloads

Published

2025-12-30

Issue

Vol. 1 No. 1 (2025): Economics and Data Science

Section

article

License

Copyright (c) 2025 The Author(s). Economics and Data Science published by CSTDP

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

Depreciation, Investment, and Efficiency of Health Capital: An Empirical Analysis of Self-Rated Health Among Young-Old Adults. (2025). Economics and Data Science, 1(1). https://doi.org/10.65455/rb6fty08