Practical Risk Theory for Actuaries

1st Edition

C.D. Daykin, T. Pentikainen, Martti Pesonen

Chapman and Hall/CRC
Published December 1, 1993
Reference - 576 Pages
ISBN 9780412428500 - CAT# C2850
Series: Chapman & Hall/CRC Monographs on Statistics and Applied Probability


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This classic textbook covers all aspects of risk theory in a practical way. It builds on from the late R.E. Beard's extremely popular book Risk Theory, but features more emphasis on simulation and modeling and on the use of risk theory as a practical tool. Practical Risk Theory is a textbook for practicing and student actuaries on the practical aspects of stochastic modeling of the insurance business. It has its roots in the classical theory of risk but introduces many new elements that are important in managing the insurance business but are usually ignored in the classical theory. The authors avoid overcomplicated mathematics and provide an abundance of diagrams.