This dissertation is a historically comparative study of adult mortality between Taiwan and the United States throughout the 20th century. The 20th century was characterized by the largest rise in life expectancy at birth and the most rapid decrease in mortality in recorded human history. This dissertation aims not only to examine and compare the trends and levels of life expectancy in Taiwan and the United States over an extended period of time, but also to evaluate the extent to which smoking behavior and obesity play an important role in the recent levels of adult mortality in the United States. I used logistic models of mortality to examine and compare the trends and levels of life expectancy in Taiwan from 1906 to 2008 and in the United States from 1933 to 2007. Second, I re-estimated life expectancy by introducing smoking-attributable mortality to further compare the levels of life expectancy between the two countries. Third, I estimated event history models to investigate whether and how smoking behavior and obesity are related to mortality in the United States in the 1990 to 2006 and the 2000 to 2006 periods. At the end of the 20th century, the level of life expectancy at birth for females in the U.S. was higher than in Taiwan, but they were close. In this century, however, the level of life expectancy at birth in Taiwan has increased to a higher level than in the U.S. The levels of male life expectancy at birth for the two countries are similar in this century, but there were significant differences in the 20th century. The great improvements in juvenile, background and senescent mortality rates in Taiwan may be used to explain this correspondence of life expectancy between the two countries today. Besides, higher smoking-attributed mortality can also serve as another possible reason for the stagnant levels of life expectancy in the U.S. Finally, smoking-related and obesity-related mortality have become progressively more important as predictors of adult mortality in the U.S. in past decades.

In previous research on pricing mortality-linked securities, the no-arbitrage approach is often used. However, this method, which takes market prices as given, is difficult to implement in today's embryonic market where there are few traded securities. In particular, with limited market price data, identifying a risk neutral measure requires strong assumptions. In this thesis, we approach the pricing problem from a different angle by considering economic methods. We propose pricing approaches in both competitive market and non-competitive market. In the competitive market, we treat the pricing work as a Walrasian tâtonnement process, in which prices are determined through a gradual calibration of supply and demand. Such a pricing framework provides with us a pair of supply and demand curves. From these curves we can tell if there will be any trade between the counterparties, and if there will, at what price the mortality-linked security will be traded. This method does not require the market prices of other mortality-linked securities as input. This can spare us from the problems associated with the lack of market price data. We extend the pricing framework to incorporate population basis risk, which arises when a pension plan relies on standardized instruments to hedge its longevity risk exposure. This extension allows us to obtain the price and trading quantity of mortality-linked securities in the presence of population basis risk. The resulting supply and demand curves help us understand how population basis risk would affect the behaviors of agents. We apply the method to a hypothetical longevity bond, using real mortality data from different populations. Our illustrations show that, interestingly, population basis risk can affect the price of a mortality-linked security in different directions, depending on the properties of the populations involved. We have also examined the impact of transitory mortality jumps on trading in a competitive market. Mortality dynamics are subject to jumps, which are due to events such as the Spanish flu in 1918. Such jumps can have a significant impact on prices of mortality-linked securities, and therefore should be taken into account in modeling. Although several single-population mortality models with jump effects have been developed, they are not adequate for trades in which population basis risk exists. We first develop a two-population mortality model with transitory jump effects, and then we use the proposed mortality model to examine how mortality jumps may affect the supply and demand of mortality-linked securities. Finally, we model the pricing process in a non-competitive market as a bargaining game. Nash's bargaining solution is applied to obtain a unique trading contract. With no requirement of a competitive market, this approach is more appropriate for the current mortality-linked security market. We compare this approach with the other proposed pricing method. It is found that both pricing methods lead to Pareto optimal outcomes.

Diss. (sammanfattning) Umeå : Umeå universitet, 2008. / Härtill 4 uppsatser.

Diss. (sammanfattning) Stockholm : Karolinska institutet, 2006. / Härtill 4 uppsatser.

Thesis (M.P.H.)--University of Texas Health Science Center at Houston, School of Public Health, 2007. / Source: Masters Abstracts International, Volume: 46-01, page: 0341. Adviser: Asha Kapadia. Includes bibliographical references.

Thesis (M.P.H.)--University of Michigan, 1944.

Thesis (M.P.H.)--University of Michigan, 1944.

Thesis (Ph. D.)--Columbia University, 1934. / Without thesis note. Includes bibliographical references.

Thesis (Ph. D.)--Columbia University, 1934. / Without thesis note. Includes bibliographical references.

Diss. (sammanfattning) Stockholm : Karolinska institutet, 2010. / Härtill 6 uppsatser.