Worrying About the Stock Market: Evidence from Hospital Admissions

  title={Worrying About the Stock Market: Evidence from Hospital Admissions},
  author={Joseph Engelberg and Christopher Parsons},
  journal={Econometric Modeling: Microeconometric Studies of Health},
Using individual patient records for every hospital in California from 1983-2011, we find a strong inverse link between daily stock returns and hospital admissions, particularly for psychological conditions such as anxiety, panic disorder, or major depression. The effect is nearly instantaneous (within the same day), suggesting that anticipation over future consumption directly influences instantaneous utility, e.g., Caplin and Leahy (2001). Moreover, the effect of such anticipation is path… 
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