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Deprecated: Implicit conversion from float 209.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Insur+Math+Econ 2020 ; 92 (ä): 147-61 Nephropedia Template TP
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Calibrating Gompertz in reverse: What is your longevity-risk-adjusted global age?? #MMPMID32834258
Milevsky MA
Insur Math Econ 2020[May]; 92 (ä): 147-61 PMID32834258show ga
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.