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Individual Subjective Survival Curves

Individual Subjective Survival Curves

Chapter:
(p.377) 12 Individual Subjective Survival Curves
Source:
Analyses in the Economics of Aging
Author(s):
Li Gan, Michael D. Hurd, Daniel McFadden
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226903217.003.0013

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

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