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Individual Subjective Survival Curves

Individual Subjective Survival Curves

(p.377) 12 Individual Subjective Survival Curves
Analyses in the Economics of Aging
Li Gan, Michael D. Hurd, Daniel McFadden
University of Chicago Press

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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