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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. (KAR id:75129)

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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: 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: (The current URI for this page, for reference purposes)
Thomas, R. Guy:
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