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Positive theory and actuarial practice

Thomas, R. Guy, Smith, A.D. (1998) Positive theory and actuarial practice. The Actuary, 1998 (8). pp. 16-17. ISSN 0960-457X.

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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
Subjects: H Social Sciences > HG Finance
Divisions: Faculties > Sciences > School of Mathematics Statistics and Actuarial Science
Faculties > Sciences > School of Mathematics Statistics and Actuarial Science > Actuarial Science
Depositing User: G. Thomas
Date Deposited: 29 Jun 2019 23:53 UTC
Last Modified: 02 Jul 2019 09:49 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/75129 (The current URI for this page, for reference purposes)
Thomas, R. Guy: https://orcid.org/0000-0003-4745-5849
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