Credibility Theory ACMA 315 (3)
Limited fluctuation credibility theory: full credibility, partial credibility. Greatest accuracy credibility theory: the Bayesian methodology, the credibility premium, the Buhlmann model, the Buhlmann-Straub model, exact credibility, linear versus Bayesian versus no credibility. Empirical Bayes parameter estimation: nonparametric estimation, semiparametric estimation, parametric estimation. Simulation: basics of simulation, simulation in actuarial modeling. Covers part of the syllabus for Exam C of the Society of Actuaries, and Exam 4 of the Casualty Actuarial Society. Prerequisite: STAT 285. Quantitative.