Wang, Chou-Wen; Huang, Hong-Chih; Liu, I-Chien - In: The Geneva Papers on Risk and Insurance - Issues and … 36 (2011) 4, pp. 675-696
In the classical Lee-Carter model, the mortality indices that are assumed to be a random walk model with drift are normally distributed. However, for the long-term mortality data, the error terms of the Lee-Carter model and the mortality indices have tails thicker than those of a normal...
