DISCUSSION PAPER PI-1506
On the Structure and Classification of Mortality Models
Andrew Hunt and David Blake
There has recently been a huge increase in the use of models which examine the structure of mortality rates across the dimensions of age, period and cohort. This paper reviews the major developments in the field and provides a holistic analysis of these models and examines their similarities and differences. Specifically, it reviews the models that have been proposed to date, investigates the structure of age/period/cohort mortality models, introduces a classification scheme for existing models and lists the key principles a model user should consider when constructing a new model in this class.
Keywords: Mortality modelling, age/period/cohort models, age period effects, cohort effects