Petra Dotlačilová, Jitka Langhamrová, Faculty of Informatics and Statistics, University of Economics, Prague, Czech Republic

Pages: 85 – 98

Abstract

Mortality at the highest ages is influenced by systematic and random errors. It is therefore needed to be modelled. For modeling of mortality of the oldest persons is the most frequently used the Gompertz-Makeham function. Its main advantage is that for the estimation of unknown parameters is not necessary to have any special software. The King-Hardy method can also be used. The aim of this paper is to present this methodology and list its advantages or disadvantages. Important part of this paper will also be the subsequent optimization of estimated parameters of the Gompertz-Makeham function by means of MS Excel Solver. The parameter estimations obtained by the DeRaS software will be included for the sake of comparison. The aim will be to identify how will the values obtained by King-Hardy method and the estimates obtained by DeRaS software differ male and female mortality data for the Czech Republic will be used as input data.