Taming uncertainly : the limits to quantification

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Articles Articles Taming uncertainly : the limits to quantification - Tsanakas, Andreas

Collection: Articles

Title: Taming uncertainly : the limits to quantification / Andreas Tsanakas, M. Bruce Beck, Michael Thompson

Notes: Sumario: Taming the beast of uncertainty has been the grand project to which actuaries have dedicated much of their energy and skill over at least the last 50 years roughly the time since, in Hans Bühlmann's (1989) famous term, Actuaries of the Second Kind emerged. The big task of taming uncertainty is broken down into two smaller tasks: first, to develop a statistical/stochastic model according to the best science we have access to; then, to consider how that model is used to take decisions such as pricing liabilities, setting capital requirements or optimising portfolios.

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