A modern practical guide to building and using actuarial models.
Loss Models: From Data to Decisions is organized around the principle that actuaries build models in order to analyze risks and make decisions about managing the risks based on conclusions drawn from the analysis. In practice, one begins with data and ends with a business decision. The book flows logically from this principle. It begins with a framework for model building and a description of frequency and severity loss data typically available to actuaries. Parametric models are emphasized throughout.
The frequency and severity models are used in building aggregate loss models, in credibility-based pricing models, and in loss analysis over multiple time periods.
Designed as both an educational text as well as a professional reference, Loss Models:
Assumes little prior knowledge of insurance systems
Features many fascinating examples taken from insurance files
Contains a major instructive case study continued through each chapter
Covers the classical areas of risk theory and loss distributions
Gives a practical but rigorous treatment of modern credibility theory
Uses standard statistical concepts, methods, and notation
Provides modern computational algorithms for implementing methods
Includes free companion software available from an FTP site
Deals with many topics on CAS 4B and SOA 151 and 152 actuarial exams
Includes many exercises based on past CAS and SOA exams.
Автор: Campbell John Y. Название: Financial Decisions and Markets: A Course in Asset Pricing ISBN: 0691160805 ISBN-13(EAN): 9780691160801 Издательство: Wiley Рейтинг: Цена: 12672.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание:
From the field's leading authority, the most authoritative and comprehensive advanced-level textbook on asset pricing
Financial Decisions and Markets is a graduate-level textbook that provides a broad overview of the field of asset pricing. John Campbell, one of the field's most respected authorities, introduces students to leading theories of portfolio choice, their implications for asset prices, and empirical patterns of risk and return in financial markets. Campbell emphasizes the interplay of theory and evidence, as theorists respond to empirical puzzles by developing models with new testable implications. Increasingly these models make predictions not only about asset prices but also about investors' financial positions, and they often draw on insights from behavioral economics.
After a careful introduction to single-period models, Campbell develops multiperiod models with time-varying discount rates, reviews the leading approaches to consumption-based asset pricing, and integrates the study of equities and fixed-income securities. He discusses models with heterogeneous agents who use financial markets to share their risks, but also may speculate against one another on the basis of different beliefs or private information. Campbell takes a broad view of the field, linking asset pricing to related areas, including financial econometrics, household finance, and macroeconomics. The textbook works in discrete time throughout, and does not require stochastic calculus. Problems are provided at the end of each chapter to challenge students to develop their understanding of the main issues in financial economics.
The most comprehensive and balanced textbook on asset pricing available, Financial Decisions and Marketswill be an essential resource for all graduate students in finance and related fields.
Integrated treatment of asset pricing theory and empirical evidence
Emphasis on investors' decisions
Broad view linking the field to areas including financial econometrics, household finance, and macroeconomics
Topics treated in discrete time, with no requirement for stochastic calculus
Solutions manual for problems available to professors
Loss Models: From Data to Decisions, Fifth Edition continues to supply actuaries with a practical approach to the key concepts and techniques needed on the job. With updated material and extensive examples, the book successfully provides the essential methods for using available data to construct models for the frequency and severity of future adverse outcomes.
The book continues to equip readers with the tools needed for the construction and analysis of mathematical models that describe the process by which funds flow into and out of an insurance system. Focusing on the loss process, the authors explore key quantitative techniques including random variables, basic distributional quantities, and the recursive method, and discuss techniques for classifying and creating distributions. Parametric, non-parametric, and Bayesian estimation methods are thoroughly covered along with advice for choosing an appropriate model. Throughout the book, numerous examples showcase the real-world applications of the presented concepts, with an emphasis on calculations and spreadsheet implementation.
Loss Models: From Data to Decisions, Fifth Edition is an indispensable resource for students and aspiring actuaries who are preparing to take the SOA and CAS examinations. The book is also a valuable reference for professional actuaries, actuarial students, and anyone who works with loss and risk models.
Автор: Tobias Wittmann Название: Agent-Based Models of Energy Investment Decisions ISBN: 3790825441 ISBN-13(EAN): 9783790825442 Издательство: Springer Рейтинг: Цена: 15672.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: As societies face the challenge of securing an efficient and environmentally sound energy supply, researchers have strived to determine the future development of energy consumption, infrastructure and technology endowment. This book proposes a new agent-based approach to studying the development of urban energy systems.
