Richard Price: The Schedules of Mortality

Two centuries ago, Richard Price assisted in compiling the Northampton Tables, allowing lives to be insured with probabilistic rationality. This was part of a life’s work concerning the measurement of mortality risk. Though such early demographic investigations gained predictive power, explanatory power lagged behind. Herein we reread Price’s work on mortality risk using life history evolution, which, after all, is organized around mortality and longevity, making it an invaluable aid in understanding the actuarial life table. As can only be explained at length, it is apparent that Price, in measuring mortality, was indirectly measuring life history; and in applying his researches to life insurance, was in effect facilitating post-mortem parental care.