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Bayesian Statistics in Actuarial Science - with Emphasis on Credibility (Paperback, Softcover reprint of hardcover 1st ed. 1992)
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Bayesian Statistics in Actuarial Science - with Emphasis on Credibility (Paperback, Softcover reprint of hardcover 1st ed. 1992)
Series: Huebner International Series on Risk, Insurance and Economic Security, 15
Expected to ship within 10 - 15 working days
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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.
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