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

A.S. Macdonald

British Actuarial Journal, 1996, vol. 2, issue 1, 129-155

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.

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:cup:bracjl:v:2:y:1996:i:01:p:129-155_00

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