Thomas, R. Guy, Smith, A.D. (1998) Positive theory and actuarial practice. The Actuary, 1998 (8). pp. 16-17. ISSN 0960-457X. (KAR id:75129)
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Official URL: http://www.theactuary.com |
Abstract
In recent months, the actuarial profession has seen a debate about how financial theory
ought to be developed and applied. This has been essentially a normative, philosophical
exercise, imposing a view of how actuarial practice should progress. In this article we
outline an alternative approach to understanding and explaining actuarial practice. The
approach is positive rather than normative: it observes actuarial practice and the theories
on which it is based and seeks to explain why these practices and theories prevail, rather
than offering prescriptions for theories which should prevail.
Item Type: | Article |
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Subjects: | H Social Sciences > HG Finance |
Divisions: | Divisions > Division of Computing, Engineering and Mathematical Sciences > School of Mathematics, Statistics and Actuarial Science |
Depositing User: | Guy Thomas |
Date Deposited: | 29 Jun 2019 23:53 UTC |
Last Modified: | 16 Nov 2021 10:26 UTC |
Resource URI: | https://kar.kent.ac.uk/id/eprint/75129 (The current URI for this page, for reference purposes) |
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