Chapter

Individual Subjective Survival Curves

Edited by Li Gan, Michael D. Hurd and Daniel McFadden

in Analyses in the Economics of Aging

Published by University of Chicago Press

Published in print August 2005 | ISBN: 9780226902869
Published online February 2013 | e-ISBN: 9780226903217 | DOI: http://dx.doi.org/10.7208/chicago/9780226903217.003.0013
Individual Subjective Survival Curves

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This chapter examines individual subjective survival probabilities using data from the Asset and Health Dynamics among the Oldest Old (AHEAD) and the Health and Retirement Survey (HRS). It proposes a Bayesian update model to account for problems caused by focal responses of 0.0 and 1.0. This chapter also proposes two approaches to model individual heterogeneity in subjective survival curves: one approach modifies the life table hazard rates while the other approach models the subjective aging process.

Keywords: survival probabilities; AHEAD; HRS; Bayesian update model; focal responses; individual heterogeneity; subjective survival curves; life table hazard; subjective aging process

Chapter.  10347 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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