1. Flexible transition timing in discrete-time multistate life tables using Markov chains with rewards.
- Author
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Schneider DC, Myrskylä M, and van Raalte A
- Subjects
- Humans, Time Factors, Reward, Retirement, Female, Male, Middle Aged, Aged, Markov Chains, Life Tables, Life Expectancy
- Abstract
Discrete-time multistate life tables are attractive because they are easier to understand and apply in comparison with their continuous-time counterparts. While such models are based on a discrete time grid, it is often useful to calculate derived magnitudes (e.g. state occupation times), under assumptions which posit that transitions take place at other times, such as mid-period. Unfortunately, currently available models allow very few choices about transition timing. We propose the use of Markov chains with rewards as a general way of incorporating information on the timing of transitions into the model. We illustrate the usefulness of rewards-based multistate life tables by estimating working life expectancies using different retirement transition timings. We also demonstrate that for the single-state case, the rewards approach matches traditional life-table methods exactly. Finally, we provide code to replicate all results from the paper plus R and Stata packages for general use of the method proposed.
- Published
- 2024
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