Loss Models: From Data to Decisions by Stuart A. Klugman (English) Hardcover Boo

Description: Loss Models by Stuart A. Klugman, Harry H. Panjer, Gordon E. Willmot 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. FORMAT Hardcover LANGUAGE English CONDITION Brand New Back Cover 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 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 and the Canadian Institute of Actuaries 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 Society of Actuaries examinations, Loss Models offers an essential guide to the concepts and techniques of actuarial science. Flap 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 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 and the Canadian Institute of Actuaries 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 Society of Actuaries examinations, Loss Models offers an essential guide to the concepts and techniques of actuarial science. Author Biography STUART A. KLUGMAN, PHD, FSA, CERA, is Staff Fellow (Education) at the Society of Actuaries (SOA) and Principal Financial Group Distinguished Professor Emeritus of Actuarial Science at Drake University. He has served as SOA vice president. HARRY H. PANJER, PHD, FSA, FCIA, CERA, HonFIA, is Distinguished Professor Emeritus in the Department of Statistics and Actuarial Science at the University of Waterloo, Canada. He has served as CIA president and as SOA president. GORDON E. WILLMOT, PHD, FSA, FCIA, is Munich Re Chair in Insurance and Professor in the Department of Statistics and Actuarial Science at the University of Waterloo, Canada. Table of Contents Preface xiii About the Companion Website xv Part I Introduction 1 Modeling 3 1.1 The Model-Based Approach 3 1.1.1 The Modeling Process 3 1.1.2 The Modeling Advantage 5 1.2 The Organization of This Book 6 2 Random Variables 9 2.1 Introduction 9 2.2 Key Functions and Four Models 11 2.2.1 Exercises 19 3 Basic Distributional Quantities 21 3.1 Moments 21 3.1.1 Exercises 28 3.2 Percentiles 29 3.2.1 Exercises 31 3.3 Generating Functions and Sums of Random Variables 31 3.3.1 Exercises 33 3.4 Tails of Distributions 33 3.4.1 Classification Based on Moments 33 3.4.2 Comparison Based on Limiting Tail Behavior 34 3.4.3 Classification Based on the Hazard Rate Function 35 3.4.4 Classification Based on the Mean Excess Loss Function 36 3.4.5 Equilibrium Distributions and Tail Behavior 38 3.4.6 Exercises 39 3.5 Measures of Risk 41 3.5.1 Introduction 41 3.5.2 Risk Measures and Coherence 41 3.5.3 Value at Risk 43 3.5.4 Tail Value at Risk 44 3.5.5 Exercises 48 Part II Actuarial Models 4 Characteristics of Actuarial Models 51 4.1 Introduction 51 4.2 The Role of Parameters 51 4.2.1 Parametric and Scale Distributions 52 4.2.2 Parametric Distribution Families 54 4.2.3 Finite Mixture Distributions 54 4.2.4 Data-Dependent Distributions 56 4.2.5 Exercises 59 5 Continuous Models 61 5.1 Introduction 61 5.2 Creating New Distributions 61 5.2.1 Multiplication by a Constant 62 5.2.2 Raising to a Power 62 5.2.3 Exponentiation 64 5.2.4 Mixing 64 5.2.5 Frailty Models 68 5.2.6 Splicing 69 5.2.7 Exercises 70 5.3 Selected Distributions and Their Relationships 74 5.3.1 Introduction 74 5.3.2 Two Parametric Families 74 5.3.3 Limiting Distributions 74 5.3.4 Two Heavy-Tailed Distributions 76 5.3.5 Exercises 77 5.4 The Linear Exponential Family 78 5.4.1 Exercises 80 6 Discrete Distributions 81 6.1 Introduction 81 6.1.1 Exercise 82 6.2 The Poisson Distribution 82 6.3 The Negative Binomial Distribution 85 6.4 The Binomial Distribution 87 6.5 The ( Details ISBN1119523788 Series Wiley Series in Probability and Statistics ISBN-10 1119523788 ISBN-13 9781119523789 Format Hardcover Country of Publication United States Edition 5th Pages 560 Subtitle From Data to Decisions DEWEY 368.01 Year 2019 Short Title Loss Models Language English UK Release Date 2019-05-28 AU Release Date 2019-01-17 NZ Release Date 2019-01-17 Author Gordon E. Willmot Publisher John Wiley & Sons Inc Edition Description 5th edition Publication Date 2019-05-28 Imprint John Wiley & Sons Inc Place of Publication New York Replaces 9781118315323 Audience Professional & Vocational US Release Date 2019-05-28 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:137373058;

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