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Advances in Decision Sciences (ADS)

Advances in Decision Sciences (ADS)

Published by Asia University, Taiwan; Scientific and Business World

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Moments of Phase-type Aging Modeling for Health Dependent Costs

Moments of Phase-type Aging Modeling for Health Dependent Costs

Title

MOMENTS OF PHASE-TYPE AGING MODELING FOR HEALTH DEPENDENT COSTS

Authors

  • Franck Adékambi
    (School of Economics, University of Johannesburg, South Africa)

Abstract

In this paper, we use a discrete time Phase-type process to model the health care cost of aninsurance contract by considering all possible critical health states of an individual with
constant interest rate. From the moment generating function of the NPV, we derive a recursive
formula of this Markov Reward Model (MRM).

Keywords

Health dependent costs, Net present value, Phase-type aging process, Markov reward model, Recursive moments

Classification-JEL

C650, I130

Pages

37-64

https://doi.org/10.47654/v23y2019i2p37-64

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ISSN 2090-3359 (Print)
ISSN 2090-3367 (Online)

Asia University, Taiwan

Scientific and Business World

4.7
2023CiteScore
 
86th percentile
Powered by  Scopus
SCImago Journal & Country Rank
Q2 in Scopus
CiteScore 2023 = 4.7
CiteScoreTracker 2024 = 8.5
SNIP 2023 = 0.799
SJR Quartile = Q1
SJR 2024 = 0.814
H-Index = 20

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