A General procedure for constructing mortality models

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      <subfield code="a">A General procedure for constructing mortality models</subfield>
      <subfield code="c">Andrew Hunt, David Blake</subfield>
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      <subfield code="a">Recently a large number of new mortality models have been proposed to analyze historic mortality rates and project them into the future. Many of these suffer from being over-parametrized or have terms added in an ad hoc manner that cannot be justified in terms of demographic significance. In addition, poor specification of a model can lead to period effects in the data being wrongly attributed to cohort effects, which results in the model making implausible projections. We present a general procedure for constructing mortality models using a combination of a toolkit of functions and expert judgment. By following the general procedure, it is possible to identify sequentially every significant demographic feature in the data and give it a parametric structural form. We demonstrate using U.K. mortality data that the general procedure produces a relatively parsimonious model that nevertheless has a good fit to the data.</subfield>
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      <subfield code="t">North American actuarial journal</subfield>
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      <subfield code="x">1092-0277</subfield>
      <subfield code="g">03/02/2014 Tomo 18 Número 1 - 2014 </subfield>
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