Analytic expressions for annuities based on Makeham–Beard mortality laws
| Autor: | David C. Bowie |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Statistics and Probability
Economics and Econometrics 050208 finance 05 social sciences Life annuity Function (mathematics) 01 natural sciences Exponential function 010104 statistics & probability Mortality data Law 0502 economics and business Gauss hypergeometric function 0101 mathematics Statistics Probability and Uncertainty Mathematics Parametric statistics |
| Zdroj: | Annals of Actuarial Science. 15:1-13 |
| ISSN: | 1748-5002 1748-4995 |
| Popis: | This note derives analytic expressions for annuities based on a class of parametric mortality “laws” (the so-called Makeham–Beard family) that includes a logistic form that models a decelerating increase in mortality rates at the higher ages. Such models have been shown to provide a better fit to pensioner and annuitant mortality data than those that include an exponential increase. The expressions derived for evaluating single life and joint life annuities for the Makeham–Beard family of mortality laws use the Gauss hypergeometric function and Appell function of the first kind, respectively. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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