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Article overview
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Do elderly want to work? Modeling elderly's decision to fight aging Thailand | | Krittiya Kantachote
; Nathakhun Wiroonsri
; | | Date: |
1 Jun 2022 | | Abstract: | Thailand has entered into an aging society since the year 2000. Using the
2017 Survey of the Older Persons in Thailand collected by Thailand National
Statistical Office, this study uses cross tabulation, random forest with
variable importance measure and lasso logistic regression to examine factors
that have effects on the elderly’s decision to remain in the labor market after
retirement. This study reveals that these following variables: age, education
level, healthcare eligibility, marital status, health condition, total assets,
gender, residential type, percent of elderly in the household, and number of
children have strong influences on an elderly’s desire to continue work. By
knowing which factors contribute to the elderly wish to continue work in the
market, this research allows for future prediction of the labor market that can
accommodate elderly in Thailand. Our final models of random forest and lasso
logistic regression provide prediction accuracy of 68.19 and 69.58 percent on
the elderly’s desire to work, respectively. This study has a significant impact
as policymakers can utilize our models in predicting elderly’s desire to work
after retirement age and design a labor market that can accommodate elderly in
Thailand in the future. | | Source: | arXiv, 2206.00193 | | Services: | Forum | Review | PDF | Favorites | |
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