Bayesian Statistics In Actuarial Science

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Bayesian Statistics in Actuarial Science

Stuart A. Klugman
Bayesian Statistics in Actuarial Science Book PDF

Author : Stuart A. Klugman
Publisher : Springer Science & Business Media
Page : 242 pages
File Size : 55,9 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9789401708456

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Bayesian Statistics in Actuarial Science by Stuart A. Klugman Pdf

The debate between the proponents of "classical" and "Bayesian" statistica} methods continues unabated. It is not the purpose of the text to resolve those issues but rather to demonstrate that within the realm of actuarial science there are a number of problems that are particularly suited for Bayesian analysis. This has been apparent to actuaries for a long time, but the lack of adequate computing power and appropriate algorithms had led to the use of various approximations. The two greatest advantages to the actuary of the Bayesian approach are that the method is independent of the model and that interval estimates are as easy to obtain as point estimates. The former attribute means that once one learns how to analyze one problem, the solution to similar, but more complex, problems will be no more difficult. The second one takes on added significance as the actuary of today is expected to provide evidence concerning the quality of any estimates. While the examples are all actuarial in nature, the methods discussed are applicable to any structured estimation problem. In particular, statisticians will recognize that the basic credibility problem has the same setting as the random effects model from analysis of variance.

Statistical and Probabilistic Methods in Actuarial Science

Philip J. Boland
Statistical and Probabilistic Methods in Actuarial Science Book PDF

Author : Philip J. Boland
Publisher : CRC Press
Page : 369 pages
File Size : 45,9 Mb
Release : 2007-03-05
Category : Mathematics
ISBN : 9781584886952

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Statistical and Probabilistic Methods in Actuarial Science by Philip J. Boland Pdf

Statistical and Probabilistic Methods in Actuarial Science covers many of the diverse methods in applied probability and statistics for students aspiring to careers in insurance, actuarial science, and finance. The book builds on students’ existing knowledge of probability and statistics by establishing a solid and thorough understanding of these methods. It also emphasizes the wide variety of practical situations in insurance and actuarial science where these techniques may be used. Although some chapters are linked, several can be studied independently from the others. The first chapter introduces claims reserving via the deterministic chain ladder technique. The next few chapters survey loss distributions, risk models in a fixed period of time, and surplus processes, followed by an examination of credibility theory in which collateral and sample information are brought together to provide reasonable methods of estimation. In the subsequent chapter, experience rating via no claim discount schemes for motor insurance provides an interesting application of Markov chain methods. The final chapters discuss generalized linear models and decision and game theory. Developed by an author with many years of teaching experience, this text presents an accessible, sound foundation in both the theory and applications of actuarial science. It encourages students to use the statistical software package R to check examples and solve problems.

Bayesian Claims Reserving Methods in Non-life Insurance with Stan

Guangyuan Gao
Bayesian Claims Reserving Methods in Non life Insurance with Stan Book PDF

Author : Guangyuan Gao
Publisher : Springer
Page : 205 pages
File Size : 54,8 Mb
Release : 2018-12-31
Category : Mathematics
ISBN : 9789811336096

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Bayesian Claims Reserving Methods in Non-life Insurance with Stan by Guangyuan Gao Pdf

This book first provides a review of various aspects of Bayesian statistics. It then investigates three types of claims reserving models in the Bayesian framework: chain ladder models, basis expansion models involving a tail factor, and multivariate copula models. For the Bayesian inferential methods, this book largely relies on Stan, a specialized software environment which applies Hamiltonian Monte Carlo method and variational Bayes.

Actuarial Science

I.B. MacNeill,G. Umphrey
Actuarial Science Book PDF

Author : I.B. MacNeill,G. Umphrey
Publisher : Springer Science & Business Media
Page : 258 pages
File Size : 43,5 Mb
Release : 2012-12-06
Category : Mathematics
ISBN : 9789400947962

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Actuarial Science by I.B. MacNeill,G. Umphrey Pdf

On May 27-31, 1985, a series of symposia was held at The University of Western Ontario, London, Canada, to celebrate the 70th birthday of Pro fessor V. M. Joshi. These symposia were chosen to reflect Professor Joshi's research interests as well as areas of expertise in statistical science among faculty in the Departments of Statistical and Actuarial Sciences, Economics, Epidemiology and Biostatistics, and Philosophy. From these symposia, the six volumes which comprise the "Joshi Festschrift" have arisen. The 117 articles in this work reflect the broad interests and high quality of research of those who attended our conference. We would like to thank all of the contributors for their superb cooperation in helping us to complete this project. Our deepest gratitude must go to the three people who have spent so much of their time in the past year typing these volumes: Jackie Bell, Lise Constant, and Sandy Tarnowski. This work has been printed from "camera ready" copy produced by our Vax 785 computer and QMS Lasergraphix printers, using the text processing software TEX. At the initiation of this project, we were neophytes in the use of this system. Thank you, Jackie, Lise, and Sandy, for having the persistence and dedication needed to complete this undertaking.

Predictive Modeling Applications in Actuarial Science

Edward W. Frees,Richard A. Derrig,Glenn Meyers
Predictive Modeling Applications in Actuarial Science Book PDF

Author : Edward W. Frees,Richard A. Derrig,Glenn Meyers
Publisher : Cambridge University Press
Page : 565 pages
File Size : 47,8 Mb
Release : 2014-07-28
Category : Business & Economics
ISBN : 9781107029873

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Predictive Modeling Applications in Actuarial Science by Edward W. Frees,Richard A. Derrig,Glenn Meyers Pdf

This book is for actuaries and financial analysts developing their expertise in statistics and who wish to become familiar with concrete examples of predictive modeling.

Applied Bayesian Statistics

Mary Kathryn Cowles
Applied Bayesian Statistics Book PDF

Author : Mary Kathryn Cowles
Publisher : Springer Science & Business Media
Page : 238 pages
File Size : 40,7 Mb
Release : 2013-01-04
Category : Mathematics
ISBN : 9781461456964

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Applied Bayesian Statistics by Mary Kathryn Cowles Pdf

This book is based on over a dozen years teaching a Bayesian Statistics course. The material presented here has been used by students of different levels and disciplines, including advanced undergraduates studying Mathematics and Statistics and students in graduate programs in Statistics, Biostatistics, Engineering, Economics, Marketing, Pharmacy, and Psychology. The goal of the book is to impart the basics of designing and carrying out Bayesian analyses, and interpreting and communicating the results. In addition, readers will learn to use the predominant software for Bayesian model-fitting, R and OpenBUGS. The practical approach this book takes will help students of all levels to build understanding of the concepts and procedures required to answer real questions by performing Bayesian analysis of real data. Topics covered include comparing and contrasting Bayesian and classical methods, specifying hierarchical models, and assessing Markov chain Monte Carlo output. Kate Cowles taught Suzuki piano for many years before going to graduate school in Biostatistics. Her research areas are Bayesian and computational statistics, with application to environmental science. She is on the faculty of Statistics at The University of Iowa.

Probability and Statistics for Actuaries

Natalia A. Humphreys,Yuly Koshevnik
Probability and Statistics for Actuaries Book PDF

Author : Natalia A. Humphreys,Yuly Koshevnik
Publisher : Cognella Academic Publishing
Page : 128 pages
File Size : 48,8 Mb
Release : 2021-04-07
Category : Electronic
ISBN : 1793552797

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Probability and Statistics for Actuaries by Natalia A. Humphreys,Yuly Koshevnik Pdf

Probability and Statistics for Actuaries provides students with a structured and detailed explanation of the probabilistic and statistical aspects of actuarial science to help them formalize and deepen their knowledge in these areas. The text is divided into two distinct parts with the first focusing on probability and the second focusing on statistics. Part I begins with a strategic review of probabilistic models and techniques. Additional chapters cover conditional probability, variance, and expectation with distinct emphasis of the Bayesian approach. Students learn about the Bayesian framework for credibility and the relationship between Bühlmann approximation and empirical Bayes. Part II begins with a review of statistical models and techniques and then proceeds with a robust chapter that discusses parametric statistical inference. The text includes two helpful appendices: a one-sample K-S table and a one-sample A-D table. Designed to help students expand their knowledge, Probability and Statistics for Actuaries is an exceptional resource for courses within the actuarial sciences. It is also ideal for individuals preparing to take professional exams given by the Society of Actuaries and Casualty Actuarial Society.

Computational Actuarial Science with R

Arthur Charpentier
Computational Actuarial Science with R Book PDF

Author : Arthur Charpentier
Publisher : CRC Press
Page : 652 pages
File Size : 41,5 Mb
Release : 2014-08-26
Category : Business & Economics
ISBN : 9781498759823

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Computational Actuarial Science with R by Arthur Charpentier Pdf

A Hands-On Approach to Understanding and Using Actuarial ModelsComputational Actuarial Science with R provides an introduction to the computational aspects of actuarial science. Using simple R code, the book helps you understand the algorithms involved in actuarial computations. It also covers more advanced topics, such as parallel computing and C/

Effective Statistical Learning Methods for Actuaries III

Michel Denuit,Donatien Hainaut,Julien Trufin
Effective Statistical Learning Methods for Actuaries III Book PDF

Author : Michel Denuit,Donatien Hainaut,Julien Trufin
Publisher : Springer Nature
Page : 250 pages
File Size : 49,9 Mb
Release : 2019-10-31
Category : Business & Economics
ISBN : 9783030258276

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Effective Statistical Learning Methods for Actuaries III by Michel Denuit,Donatien Hainaut,Julien Trufin Pdf

This book reviews some of the most recent developments in neural networks, with a focus on applications in actuarial sciences and finance. It simultaneously introduces the relevant tools for developing and analyzing neural networks, in a style that is mathematically rigorous yet accessible. Artificial intelligence and neural networks offer a powerful alternative to statistical methods for analyzing data. Various topics are covered from feed-forward networks to deep learning, such as Bayesian learning, boosting methods and Long Short Term Memory models. All methods are applied to claims, mortality or time-series forecasting. Requiring only a basic knowledge of statistics, this book is written for masters students in the actuarial sciences and for actuaries wishing to update their skills in machine learning. This is the third of three volumes entitled Effective Statistical Learning Methods for Actuaries. Written by actuaries for actuaries, this series offers a comprehensive overview of insurance data analytics with applications to P&C, life and health insurance. Although closely related to the other two volumes, this volume can be read independently.

Mathematical and Statistical Methods for Actuarial Sciences and Finance

Marco Corazza,María Durbán,Aurea Grané,Cira Perna,Marilena Sibillo
Mathematical and Statistical Methods for Actuarial Sciences and Finance Book PDF

Author : Marco Corazza,María Durbán,Aurea Grané,Cira Perna,Marilena Sibillo
Publisher : Springer
Page : 518 pages
File Size : 51,5 Mb
Release : 2018-07-17
Category : Business & Economics
ISBN : 9783319898247

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Mathematical and Statistical Methods for Actuarial Sciences and Finance by Marco Corazza,María Durbán,Aurea Grané,Cira Perna,Marilena Sibillo Pdf

The interaction between mathematicians, statisticians and econometricians working in actuarial sciences and finance is producing numerous meaningful scientific results. This volume introduces new ideas, in the form of four-page papers, presented at the international conference Mathematical and Statistical Methods for Actuarial Sciences and Finance (MAF), held at Universidad Carlos III de Madrid (Spain), 4th-6th April 2018. The book covers a wide variety of subjects in actuarial science and financial fields, all discussed in the context of the cooperation between the three quantitative approaches. The topics include: actuarial models; analysis of high frequency financial data; behavioural finance; carbon and green finance; credit risk methods and models; dynamic optimization in finance; financial econometrics; forecasting of dynamical actuarial and financial phenomena; fund performance evaluation; insurance portfolio risk analysis; interest rate models; longevity risk; machine learning and soft-computing in finance; management in insurance business; models and methods for financial time series analysis, models for financial derivatives; multivariate techniques for financial markets analysis; optimization in insurance; pricing; probability in actuarial sciences, insurance and finance; real world finance; risk management; solvency analysis; sovereign risk; static and dynamic portfolio selection and management; trading systems. This book is a valuable resource for academics, PhD students, practitioners, professionals and researchers, and is also of interest to other readers with quantitative background knowledge.

Bayesian Methods in Insurance and Actuarial Science

Yanwei Zhang,Vanja Dukic,James Guszcza
Bayesian Methods in Insurance and Actuarial Science Book PDF

Author : Yanwei Zhang,Vanja Dukic,James Guszcza
Publisher : Chapman & Hall/CRC
Page : 320 pages
File Size : 53,9 Mb
Release : 2012-08-02
Category : Business & Economics
ISBN : 1466510617

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Bayesian Methods in Insurance and Actuarial Science by Yanwei Zhang,Vanja Dukic,James Guszcza Pdf

There has been a rapidly growing interest in Bayesian methods among insurance practitioners in recent years, mainly because of their ability to generate predictive distributions and to rigorously incorporate expert opinion through prior probabilities. This book introduces modern Bayesian modeling techniques for actuarial and insurance applications. It first provides the necessary background in current actuarial practice and then presents Bayesian methods and MCMC. It includes advanced techniques, such as nonlinear modeling, as well as three chapters on model selection and averaging. The text features case studies using real actuarial and insurance data with computations in R and WinBUGS.

Applied Statistics and Data Science

Yogendra P. Chaubey,Salim Lahmiri,Fassil Nebebe,Arusharka Sen
Applied Statistics and Data Science Book PDF

Author : Yogendra P. Chaubey,Salim Lahmiri,Fassil Nebebe,Arusharka Sen
Publisher : Springer Nature
Page : 166 pages
File Size : 52,8 Mb
Release : 2022-01-01
Category : Mathematics
ISBN : 9783030861339

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Applied Statistics and Data Science by Yogendra P. Chaubey,Salim Lahmiri,Fassil Nebebe,Arusharka Sen Pdf

This proceedings volume features top contributions in modern statistical methods from Statistics 2021 Canada, the 6th Annual Canadian Conference in Applied Statistics, held virtually on July 15-18, 2021. Papers are contributed from established and emerging scholars, covering cutting-edge and contemporary innovative techniques in statistics and data science. Major areas of contribution include Bayesian statistics; computational statistics; data science; semi-parametric regression; and stochastic methods in biology, crop science, ecology and engineering. It will be a valuable edited collection for graduate students, researchers, and practitioners in a wide array of applied statistical and data science methods.

Nonlife Actuarial Models

Yiu-Kuen Tse
Nonlife Actuarial Models Book PDF

Author : Yiu-Kuen Tse
Publisher : Cambridge University Press
Page : 552 pages
File Size : 50,8 Mb
Release : 2023-05-25
Category : Business & Economics
ISBN : 9781009315081

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Nonlife Actuarial Models by Yiu-Kuen Tse Pdf

Actuaries must pass exams, but more than that: they must put knowledge into practice. This coherent book supports the Society of Actuaries' short-term actuarial mathematics syllabus while emphasizing the concepts and practical application of nonlife actuarial models. A class-tested textbook for undergraduate courses in actuarial science, it is also ideal for those approaching their professional exams. Key topics covered include loss modelling, risk and ruin theory, credibility theory and applications, and empirical implementation of loss models. Revised and updated to reflect curriculum changes, this second edition includes two brand new chapters on loss reserving and ratemaking. R replaces Excel as the computation tool used throughout – the featured R code is available on the book's webpage, as are lecture slides. Numerous examples and exercises are provided, with many questions adapted from past Society of Actuaries exams.

Bayesian Modeling Using WinBUGS

Ioannis Ntzoufras
Bayesian Modeling Using WinBUGS Book PDF

Author : Ioannis Ntzoufras
Publisher : John Wiley & Sons
Page : 477 pages
File Size : 49,6 Mb
Release : 2011-09-20
Category : Mathematics
ISBN : 9781118210352

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Bayesian Modeling Using WinBUGS by Ioannis Ntzoufras Pdf

A hands-on introduction to the principles of Bayesian modeling using WinBUGS Bayesian Modeling Using WinBUGS provides an easily accessible introduction to the use of WinBUGS programming techniques in a variety of Bayesian modeling settings. The author provides an accessible treatment of the topic, offering readers a smooth introduction to the principles of Bayesian modeling with detailed guidance on the practical implementation of key principles. The book begins with a basic introduction to Bayesian inference and the WinBUGS software and goes on to cover key topics, including: Markov Chain Monte Carlo algorithms in Bayesian inference Generalized linear models Bayesian hierarchical models Predictive distribution and model checking Bayesian model and variable evaluation Computational notes and screen captures illustrate the use of both WinBUGS as well as R software to apply the discussed techniques. Exercises at the end of each chapter allow readers to test their understanding of the presented concepts and all data sets and code are available on the book's related Web site. Requiring only a working knowledge of probability theory and statistics, Bayesian Modeling Using WinBUGS serves as an excellent book for courses on Bayesian statistics at the upper-undergraduate and graduate levels. It is also a valuable reference for researchers and practitioners in the fields of statistics, actuarial science, medicine, and the social sciences who use WinBUGS in their everyday work.

Loss Models

Stuart A. Klugman,Harry H. Panjer,Gordon E. Willmot
Loss Models Book PDF

Author : Stuart A. Klugman,Harry H. Panjer,Gordon E. Willmot
Publisher : John Wiley & Sons
Page : 560 pages
File Size : 54,8 Mb
Release : 2019-04-01
Category : Business & Economics
ISBN : 9781119523734

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Loss Models by Stuart A. Klugman,Harry H. Panjer,Gordon E. Willmot Pdf

A guide that provides in-depth coverage of modeling techniques used throughout many branches of actuarial science, revised and updated Now in its fifth edition, Loss Models: From Data to Decisions puts the focus on material tested in the Society of Actuaries (SOA) newly revised Exams STAM (Short-Term Actuarial Mathematics) and LTAM (Long-Term Actuarial Mathematics). Updated to reflect these exam changes, this vital resource offers actuaries, and those aspiring to the profession, a practical approach to the concepts and techniques needed to succeed in the profession. The techniques are also valuable for anyone who uses loss data to build models for assessing risks of any kind. Loss Models contains a wealth of examples that highlight the real-world applications of the concepts presented, and puts the emphasis on calculations and spreadsheet implementation. With a focus on the loss process, the book reviews the essential quantitative techniques such as random variables, basic distributional quantities, and the recursive method, and discusses techniques for classifying and creating distributions. Parametric, non-parametric, and Bayesian estimation methods are thoroughly covered. In addition, the authors offer practical advice for choosing an appropriate model. This important text: • Presents a revised and updated edition of the classic guide for actuaries that aligns with newly introduced Exams STAM and LTAM • Contains a wealth of exercises taken from previous exams • Includes fresh and additional content related to the material required by the Society of Actuaries (SOA) and the Canadian Institute of Actuaries (CIA) • Offers a solutions manual available for further insight, and all the data sets and supplemental material are posted on a companion site Written for students and aspiring actuaries who are preparing to take the SOA examinations, Loss Models offers an essential guide to the concepts and techniques of actuarial science.