Table 3 Summary of alternative dynamic mortality models used as benchmarks

Lee–Carter (LC)

\(\text {logit}\left( q_{x,t}\right) = a + b_{x}^{\left( 1\right) }\cdot k_{t}^{\left( 1\right) }\)

\(\sum _{x}b_{x}^{\left( 1\right) }=1\);

Lee and Carter (1992)

\(\sum _{t}k_{t}^{\left( 1\right) }=0\).

Improvement Lee–Carter (ILC)

\(\text {log}\left( \frac{q_{x,t}}{q_{x,t-1}}\right) = a + b_{x}^{\left( 1\right) }\cdot k_{t}^{\left( 1\right) }\)

\(\sum _{x}b_{x}^{\left( i\right) }=1\);

Haberman and Renshaw (2012), Mitchell et al. (2013)

\(\sum _{t}k_{t}^{\left( i\right) }=0\).