Levy, Amnon, A Theory of LTR Junk-food Consumption, Department of Economics, University of Wollongong, 2003.
LTR junk-food consumption balances the marginal satisfaction with the marginal deterioration of health. An LTR person discounts the instantaneous marginal satisfaction from junk-food consumption by its implications for his survival probability. His change rate of health evaluation is increased (decreased) by junk-food consumption when health is better (worse) than a critical level. The moderating direct effects of age and relative price on junk-food consumption may be amplified, or dimmed, by the change in his health. The stationary health of a person ignoring his age declines with his time-preference rate and rises with the marginal effect of junk food on his intrinsic health-improvement rate.