Optimal aging with uncertain death
This paper extends the theory of optimal aging and death (Dalgaard and Strulik, 2010, 2013) towards uncertain death. Specifically, it is assumed that at any age the probability to survive depends on the number of health deficits accumulated. At the expense of less analytical tractability the model provides a formal description of aging as conceptualized in modern biology, i.e. as an inherently stochastic process according to which the timing of death of a person is not determined by his or her age but by the number of accumulated health deficits. The stochastic model basically confirms the earlier deterministic model with respect to its predictions on the association between income and life-expectancy across countries.
|Date of creation:||2013|
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- Eytan Sheshinski, 2007. "The Economic Theory of Annuities," Economics Books, Princeton University Press, edition 1, volume 1, number 8536.
- Holger Strulik & Sebastian Vollmer, 2011.
"Long-Run Trends of Human Aging and Longevity,"
PGDA Working Papers
7311, Program on the Global Demography of Aging.
- Ben J. Heijdra & Ward E. Romp, 2008. "A life-cycle overlapping-generations model of the small open economy," Oxford Economic Papers, Oxford University Press, vol. 60(1), pages 88-121, January.
- Carl-Johan Dalgaard & Holger Strulik, 2010. "Optimal Aging and Death," PGDA Working Papers 5810, Program on the Global Demography of Aging.
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