Cotti Chad, Dunn Richard A, Tefft Nathan
Department of Agricultural and Resource Economics, College of Agriculture and Natural Resources, University of Connecticut, Storrs, CT, USA.
Department of Economics, College of Business, University of Wisconsin-Oshkosh, Oshkosh, WI, USA.
Health Econ. 2015 Jul;24(7):803-21. doi: 10.1002/hec.3062. Epub 2014 May 7.
We investigate how risky health behaviors and self-reported health vary with the Dow Jones Industrial Average (DJIA) and during stock market crashes. Because stock market indices are leading indicators of economic performance, this research contributes to our understanding of the macroeconomic determinants of health. Existing studies typically rely on the unemployment rate to proxy for economic performance, but this measure captures only one of many channels through which the economic environment may influence individual health decisions. We find that large, negative monthly DJIA returns, decreases in the level of the DJIA, and stock market crashes are widely associated with worsening self-reported mental health and more cigarette smoking, binge drinking, and fatal car accidents involving alcohol. These results are consistent with predictions from rational addiction models and have implications for research on the association between consumption and stock prices.
我们研究了危险健康行为和自我报告的健康状况如何随道琼斯工业平均指数（DJIA）以及在股市崩盘期间而变化。由于股票市场指数是经济表现的领先指标，这项研究有助于我们理解健康的宏观经济决定因素。现有研究通常依赖失业率来代表经济表现，但该指标仅捕捉了经济环境可能影响个人健康决策的众多渠道之一。我们发现，道琼斯工业平均指数月度大幅负回报、该指数水平下降以及股市崩盘，都与自我报告的心理健康恶化、吸烟量增加、酗酒以及涉及酒精的致命车祸广泛相关。这些结果与理性成瘾模型的预测一致，并对消费与股价之间关联的研究具有启示意义。
