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. Author manuscript; available in PMC: 2010 Jan 1.
Published in final edited form as: J financ econ. 2009 Jan;91(1):38–58. doi: 10.1016/j.jfineco.2007.12.006

Table 1. Estimates of two-type Gompertz mortality hazard model, same types for both genders.

Results are based on estimating Eq. (11) using micro-data on annuitant mortality patterns for a sample of compulsory annuities purchased from a large U.K. life insurer between 1981 and 1998. Standard errors are in parentheses. Column 6 contains the total log likelihood. Column 7 reports the χ2(3) statistic (P-value) for the Likelihood Ratio test of this restriction relative to the more flexible specification in Table 2.

Sample Multiplicative factor on hazard for high risk (αH) Multiplicative factor on hazard for low risk (αL) Common growth factor in hazard model (β) Fraction of men who are high risk (λM) Fraction of women who are high risk (λF) log(L) χ2(3) (P-value)
(1) (2) (3) (4) (5) (6) (7)
65 Year olds (N=12160) 0.0031 (0.0003) 0.0405 (0.0013) 0.1485 (0.0056) 0.6051 (0.0096) 0.8192 (0.0231) −10347.45 1.94 (0.59)