Loss Models, Solutions Manual: From Data to Decisions (Wiley Series in Probability and Statistics)

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An update of one of the most trusted books on constructing and analyzing actuarial models

Written by three renowned authorities in the actuarial field, Loss Models, Third Edition upholds the reputation for excellence that has made this book required reading for the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) qualification examinations. This update serves as a complete presentation of statistical methods for measuring risk and building models to measure loss in real-world events.

This book maintains an approach to modeling and forecasting that utilizes tools related to risk theory, loss distributions, and survival models. Random variables, basic distributional quantities, the recursive method, and techniques for classifying and creating distributions are also discussed. Both parametric and non-parametric estimation methods are thoroughly covered along with advice for choosing an appropriate model. Features of the Third Edition include:

• Extended discussion of risk management and risk measures, including Tail-Value-at-Risk (TVaR)

• New sections on extreme value distributions and their estimation

• Inclusion of homogeneous, nonhomogeneous, and mixed Poisson processes

• Expanded coverage of copula models and their estimation

• Additional treatment of methods for constructing confidence regions when there is more than one parameter

The book continues to distinguish itself by providing over 400 exercises that have appeared on previous SOA and CAS examinations. Intriguing examples from the fields of insurance and business are discussed throughout, and all data sets are available on the book's FTP site, along with programs that assist with conducting loss model analysis.

Loss Models, Third Edition is an essential resource for students and aspiring actuaries who are preparing to take the SOA and CAS preliminary examinations. It is also a must-have reference for professional actuaries, graduate students in the actuarial field, and anyone who works with loss and risk models in their everyday work.

To explore our additional offerings in actuarial exam preparation visit www.wiley.com/go/actuarialexamprep .

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Customer Reviews

Review by K. Nguyen, 2010-02-28

The price was nothing cheaper than a new book that you can buy in the bookstore, and honestly, I bought this one just because the bookstores nearby didn't have this title available anymore.

The book itself was in real good condition, so I'm pretty satisfied.

It's just that the delivery took way too long (even though we knew that before hand, it's still kinda annoying). I hope the seller could improve the speed of delivering.

Review by Genevieve Hayes, 2008-03-24

"Loss Models from Data to Decisions" is an excellent text book with a large number of exam level exercises (many based on past SOA and CAS exam questions). The only bad thing about this text is that solutions are not provided to these exercises. This situation is remedied by this book, which provides detailed solutions to these exercises. Although this book is cheaply presented, as far as I am aware, this book is complete and I haven't found any mistakes in the solutions yet. This is an essential companion to the original text and I highly recommend it to any students studying from this text.

Please note that this book is just a solutions manual and the exercises are not repeated in this book. To obtain the exercises it is necessary to buy "Loss Models from Data to Decisions".

Review by Optimo, 2007-10-21

Solutions very clear and complete. the book provides an excellent reference for problem solving and for any person who needs guidance to solving the harder aspects of the problems.