Advertisement

Risk Theory

The Stochastic Basis of Insurance

  • Robert Eric Beard
  • Teivo Pentikäinen
  • Erkki Pesonen

Part of the Monographs on Applied Probability and Statistics book series (EMISS, volume 1)

Table of contents

  1. Front Matter
    Pages iii-xvi
  2. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 1-6
  3. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 7-17
  4. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 18-40
  5. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 41-51
  6. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 52-75
  7. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 76-90
  8. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 91-97
  9. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 98-102
  10. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 103-109
  11. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 110-131
  12. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 132-136
  13. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 137-159
  14. Robert Eric Beard, Teivo Pentikäinen, Erkki Pesonen
    Pages 160-169
  15. Back Matter
    Pages 170-195

About this book

Introduction

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.

Keywords

Finite Variance approximation business plan computation development distribution function random processes review simulation society statistics stochastic processes techniques

Authors and affiliations

  • Robert Eric Beard
    • 1
  • Teivo Pentikäinen
    • 2
  • Erkki Pesonen
    • 2
  1. 1.LondonEngland
  2. 2.HelsinkiFinland

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-009-5781-7
  • Copyright Information Springer Science+Business Media B.V. 1977
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-009-5783-1
  • Online ISBN 978-94-009-5781-7
  • Buy this book on publisher's site