The Gompertz distribution and maximum likelihood estimation of its parameters - a revision
AbstractThe Gompertz distribution is widely used to describe the distribution of adult deaths. Previous works concentrated on formulating approximate relationships to characterize it. However, using the generalized integro-exponential function Milgram (1985) exact formulas can be derived for its moment-generating function and central moments. Based on the exact central moments, higher accuracy approximations can be defined for them. In demographic or actuarial applications, maximum-likelihood estimation is often used to determine the parameters of the Gompertz distribution. By solving the maximum-likelihood estimates analytically, the dimension of the optimization problem can be reduced to one both in the case of discrete and continuous data.
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Bibliographic InfoPaper provided by Max Planck Institute for Demographic Research, Rostock, Germany in its series MPIDR Working Papers with number WP-2012-008.
Length: 19 pages
Date of creation: Feb 2012
Date of revision:
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Web page: http://www.demogr.mpg.de/
Find related papers by JEL classification:
- J1 - Labor and Demographic Economics - - Demographic Economics
- Z0 - Other Special Topics - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-02-20 (All new papers)
- NEP-DEM-2012-02-20 (Demographic Economics)
- NEP-ECM-2012-02-20 (Econometrics)
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