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We generate validating and prospective mortality forecasts for British and Danish women and men with all models.
(This can be seen in the validating mortality forecasts for Denmark of the non-coherent LC models in the "Validating forecast" section).
In summary, we propose a framework, which appears to be applicable to derive mortality forecasts for developed populations experiencing stable and unstable mortality developments.
We illustrate this effect in validating mortality forecasts for women and men of the UK and Denmark from 1991 to 2011, given data from 1965 to 1990.
However, relying on the presented results here, we can give initial recommendations regarding some selection criteria in order to generate mortality forecasts (for developed countries) with the proposed model.
We interpret these findings as a first indication that the proposed model can generate valid forecasts for developed countries experiencing (ir)regular mortality trajectories; a thorough validation will be part/object of follow-up analyses possibly including mortality forecasts for more countries using different base periods, forecast horizons, core models, and RCs.
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That the proposed model is sensitive to the choice of RCs is also shown, for example, in a mortality forecast for the USA (Bohk and Rau, 2016).
Moreover, prospective mortality forecasts from 2012 to 2050 suggest gradual increases for British and Danish life expectancy at birth.
The examination of the long-run equilibrium of the mortality rate relies on co-integration analysis, and a vector error correction model (VECM) is proposed for mortality forecasts.
Appendix Table 3 summarizes all parameter settings for our mortality forecasts.
For example, the uncertainty of mortality forecasts depends partly on the probability of medical breakthroughs that may have a substantial impact on survival rates.
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