223013 (M01) Bias in population estimates of long-term exposure from short-term measurements of individual exposure : Buck R. J., Hammerstrom K.A., Ryan P.B., Risk Analysis, Volume 17, Nr. 4, 1997, pp 455–466
- Book ID
- 104300099
- Publisher
- Elsevier Science
- Year
- 1998
- Tongue
- English
- Weight
- 186 KB
- Volume
- 22
- Category
- Article
- ISSN
- 0167-6687
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✦ Synopsis
This paper reviews the applications of fuzzy set theory to actuarial problems. Fuzzy sets are used to describe uncertain statements, where the uncertainty is due to the nature of the phenomenon, its perception by humans or arising from its complexity. The basic definitions and principles of fuzzy set theory are presented and fuzzy set techniques, such as fuzzy numbers, fuzzy zooming of cash flows, fuzzy clustering, fuzzy expert systems and fuzzy decision making, which have been applied to actuarial and insurance problems are investigated. The areas of applications of the theory include financial mathematics, underwriting and risk classification, pricing of general insurance business, asset allocation, assets and liabilities matching and marketing. One of the key conclusions id that fuzzy set theory provides a promising way of treating uncertainty which is inherent to many actuarial applications and it would be a useful addition to the modeling tools used by actuaries.