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Physiological Age, Health Costs, and Their Interrelation

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  • M. Govorun
  • B. L. Jones
  • X. Liu
  • D. A. Stanford

Abstract

We demonstrate the impact of an observable health-related quantity on the evaluation of individual physiological ages by extending the phase-type aging model proposed by Lin and Liu in 2007. In their model, an individual of a given calendar age has a determinable distribution of his or her physiological age. In our article, we use observable information to refine this distribution, thereby better connecting physiological age with the health of the individual. We illustrate our model using health cost data, and we investigate the impact of an observed health cost on the distribution of an individual’s physiological age. We also explore the impact on the expected present value of future health costs.

Suggested Citation

  • M. Govorun & B. L. Jones & X. Liu & D. A. Stanford, 2018. "Physiological Age, Health Costs, and Their Interrelation," North American Actuarial Journal, Taylor & Francis Journals, vol. 22(3), pages 323-340, July.
    • Handle: RePEc:taf:uaajxx:v:22:y:2018:i:3:p:323-340
    DOI: 10.1080/10920277.2017.1404476
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    Cited by:

    1. Milevsky, Moshe A., 2020. "Calibrating Gompertz in reverse: What is your longevity-risk-adjusted global age?," Insurance: Mathematics and Economics, Elsevier, vol. 92(C), pages 147-161.
    2. Boquan Cheng & Rogemar Mamon, 2023. "A uniformisation-driven algorithm for inference-related estimation of a phase-type ageing model," Lifetime Data Analysis: An International Journal Devoted to Statistical Methods and Applications for Time-to-Event Data, Springer, vol. 29(1), pages 142-187, January.

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