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An Actuarial Survey of Statistical Models for Decrement and Transition Data - I: Multiple State, Poisson and Binomial Models

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  • Macdonald, A.S.

Abstract

This paper surveys some statistical models of survival data. A basic model of a random lifetime is defined, and censoring is introduced. Methods based on observations of small segments of lifetimes are compared. Markov and semi-Markov (multiple state) models are recommended as well-understood and flexible models well suited to actuarial data. A Poisson model is discussed as an approximation to a two state model, while traditional Binomial-type models are shown to be more restricted and less tractable than multiple state models.

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  • Macdonald, A.S., 1996. "An Actuarial Survey of Statistical Models for Decrement and Transition Data - I: Multiple State, Poisson and Binomial Models," British Actuarial Journal, Cambridge University Press, vol. 2(1), pages 129-155, April.
    • Handle: RePEc:cup:bracjl:v:2:y:1996:i:01:p:129-155_00
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    Cited by:

    1. Ungolo, Francesco & Kleinow, Torsten & Macdonald, Angus S., 2020. "A hierarchical model for the joint mortality analysis of pension scheme data with missing covariates," Insurance: Mathematics and Economics, Elsevier, vol. 91(C), pages 68-84.
    2. Gurprit Grover & *Parmeet Kumar Vinit & V. K. Sehgal, 2021. "Estimation of premium cost for HIV/AIDS patients under ART," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 12(1), pages 77-83, February.
    3. M. Moghadam, 2013. "Extended risk classification in insurance industry," Quality & Quantity: International Journal of Methodology, Springer, vol. 47(3), pages 1385-1396, April.

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