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A new class of ageing distributions

Martin Riese ()

No 2002-11, Economics working papers from Department of Economics, Johannes Kepler University Linz, Austria

Abstract: The class of new worse/better than used in expectation on average (NWUEA/NBUEA) distributions is proposed. It is defined by the requirement that for each age t a weighted average of mean residual lives be greater/smaller than the life expectancy at birth. The weights are the shares of ages up to t in the steady state stock which results from cohorts whose density is to be classified. The NWUEA class has a second order stochastic dominance property whose first order counterpart defines the class of new worse than used in expectation (NWUE) distributions.

Keywords: NWUE distribution; stochastic dominance (search for similar items in EconPapers)
JEL-codes: C41 (search for similar items in EconPapers)
Date: 2002-12
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