Calibrating Gompertz in reverse: What is your longevity-risk-adjusted global age?
| dc.creator | Milevsky, Moshe A. | |
| dc.date.accessioned | 2020-09-11T14:03:39Z | |
| dc.date.available | 2020-09-11T14:03:39Z | |
| dc.date.created | 2020-04-11 | |
| dc.description.abstractenglish | This paper develops a computational framework for inverting Gompertz–Makeham mortality hazard rates, consistent with compensation laws of mortality for heterogeneous populations, to define a longevity-risk-adjusted global (L-RaG) age. To illustrate its salience and possible applications, the paper calibrates and presents L-RaG values using country data from the Human Mortality Database (HMD). Among other things, the author demonstrates that when properly benchmarked, the longevity-risk-adjusted global age of a 55-year-old Swedish male is 48, whereas a 55-year-old Russian male is closer in age to 67. The paper also discusses the connection between the proposed L-RaG age and the related concept of Biological age, from the medical and gerontology literature. Practically speaking, in a world of growing mortality heterogeneity, the L-RaG age could be used for pension and retirement policy. In the language of behavioral finance and economics, a salient metric that adjusts chronological age for longevity risk might help capture the public’s attention, educate them about lifetime uncertainty and induce many of them to take action — such as working longer and/or retiring later. | spa |
| dc.format.extent | 15 páginas | spa |
| dc.format.mimetype | application/pdf | spa |
| dc.identifier.doi | https://doi.org/10.1016/j.insmatheco.2020.03.009 | spa |
| dc.identifier.issn | 0167-6687 | spa |
| dc.identifier.other | https://www.sciencedirect.com/science/article/pii/S0167668720300445?via%3Dihub | spa |
| dc.identifier.uri | https://hdl.handle.net/20.500.12010/13158 | |
| dc.language.iso | eng | spa |
| dc.publisher | Insurance: Mathematics and Economics | spa |
| dc.rights.accessrights | info:eu-repo/semantics/restrictedAccess | spa |
| dc.rights.local | Acceso restringido | spa |
| dc.source | reponame:Expeditio Repositorio Institucional UJTL | spa |
| dc.source | instname:Universidad de Bogotá Jorge Tadeo Lozano | spa |
| dc.subject | Pensions | spa |
| dc.subject | Insurance | spa |
| dc.subject | Retirement | spa |
| dc.subject | Longevity risk | spa |
| dc.subject | Biological age | spa |
| dc.subject.lemb | Síndrome respiratorio agudo grave | spa |
| dc.subject.lemb | COVID-19 | spa |
| dc.subject.lemb | SARS-CoV-2 | spa |
| dc.subject.lemb | Coronavirus | spa |
| dc.title | Calibrating Gompertz in reverse: What is your longevity-risk-adjusted global age? | spa |
| dc.type.coar | http://purl.org/coar/resource_type/c_6501 | spa |
| dc.type.hasversion | info:eu-repo/semantics/acceptedVersion | spa |
| dc.type.local | Artículo | spa |
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