WorldCat Linked Data Explorer

Turtle N-Triple JSON-LD RDF/XML HTML Contact Us Home

http://worldcat.org/entity/work/id/2881759

Risk theory the stochastic basis of insurance

Open All Close All

type

about

http://schema.org/about

author

contributor

creator

description

http://schema.org/description

  • "The theory of risk already has its traditions. A review of its classical results is contained in Bohlmann (1909). This classical theory was associated with life insurance mathematics, and dealt mainly with deviations which were expected to be produced by random fluctua tions in individual policies. According to this theory, these deviations are discounted to some initial instant; the square root of the sum of the squares of the capital values calculated in this way then gives a measure for the stability of the portfolio. A theory constituted in this manner is not, however, very appropriate for practical purposes. The fact is that it does not give an answer to such questions as, for example, within what limits a company's probable gain or loss will lie during different periods. Further, non-life insurance, to which risk theory has, in fact, its most rewarding applications, was mainly outside the field of interest of the risk theorists. Thus it is quite understandable that this theory did not receive very much attention and that its applications to practical problems of insurance activity remained rather unimportant. A new phase of development began following the studies of Filip Lundberg (1909, 1919), which, thanks to H. Cramer (1926), e.O."
  • "Definitions and notations; Process with constant size of one claim; Generalized poisson distribution; Normal approximation and edgeworth series for F(x); Applications of the normal approximation; The esscher approximation; Monte Carlo method; Other methods of calculating the generalized poisson function; Variance as a measure of stability; Varying basic probabilities; The ruin probability during a finite time period; The ruin probability during an infinite time period; Applications of risk theory to business planning."
  • "Definitions and notation; Claim number process; Compound poisson process; Applications related to one-year time-span; Variance as a measure of stability; Risk processes with a time-span of several years; Applications related to finite time-span T; Risk theory analysis of life insurance; Ruin probability during an infinite time period; Application of risk theory to business planning."
  • "Whioh the developments are appropriate in an elementary text book is open to doubt. Fortunately the proceedings of the conference arranged by the Society of Actuaries Research Committee in September 1974 provide an effective review of the ourrent position (Credibility, Theory and Applications, Ed. P. M. Kahn, Academic Press, 1975). It is doubtful if any practical use is now made of the Esscher approximation and the N-P method is much more convenient and of adequate accuracy in most practical work. Thus the first half of Chapter 6 is now largely of historical interest. Chapter 11 dealing with ruin probability during a finite time interval does not give an adequate view of the current importanoe of this topic but the position is fluid because of the considerable effort being expended in the search for practical methods of calcu lation. Formulae are, in general, complicated and involve extensive computer based quadratures or simulation techniques. The paper by Seal in the Scandinavian Actuarial Journal (The Numerical Calculation of U(w,t) the Probability of Non-ruin in an Interval (O,t) 1974) gives a recent treatment and a fairly complete list of relevant references. In many countries studies are currently in progress in the develop ment of models for business planning where the basic operations involve a stochastic process. Not only are insurance companies interested but in many commercial and industrial firms the needs are significant so that a very large field exists for applications."

genre

http://schema.org/genre

  • "Electronic books"

name

http://schema.org/name

  • "Risk Theory The Stochastic Basis of Insurance"
  • "Risk theory the stochastic basis of insurance"
  • "Risk theory the stochastic basis of insurance"@en
  • "Risk Theory the Stochastic Basis of Insurance"
  • "Risk theory"@en
  • "Risk theory"
  • "Risk theory : the stochastic basis of insurance"@en
  • "Risk theory : the stochastic basis of insurance"
  • "Risk Theory : The Stochastic Basis of Insurance"
  • "Risk theory the stochastic basic of insurance"

workExample

http://schema.org/workExample