Bayesian Statistics in Actuarial Science
with Emphasis on Credibility
Authors: Klugman, Stuart A.
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- About this book
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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.
- Table of contents (9 chapters)
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Introduction
Pages 1-3
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Bayesian Statistical Analysis
Pages 5-16
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Computational Aspects of Bayesian Analysis
Pages 17-35
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Prediction with Parameter Uncertainty
Pages 37-55
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The Credibility Problem
Pages 57-64
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Table of contents (9 chapters)
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Bibliographic Information
- Bibliographic Information
-
- Book Title
- Bayesian Statistics in Actuarial Science
- Book Subtitle
- with Emphasis on Credibility
- Authors
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- Stuart A. Klugman
- Series Title
- Huebner International Series on Risk, Insurance and Economic Security
- Series Volume
- 15
- Copyright
- 1992
- Publisher
- Springer Netherlands
- Copyright Holder
- Springer Science+Business Media New York
- eBook ISBN
- 978-94-017-0845-6
- DOI
- 10.1007/978-94-017-0845-6
- Hardcover ISBN
- 978-0-7923-9212-5
- Softcover ISBN
- 978-90-481-5790-7
- Series ISSN
- 0924-5014
- Edition Number
- 1
- Number of Pages
- XIV, 238
- Topics
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