Loss Distributions (Wiley Series in Probability and Statistics) 1st Edition by Robert V. Hogg (PDF)

Description

Devoted to the problem of fitting parametric probability distributions to data, this treatment uniquely unifies loss modeling in one book. Data sets used are related to the insurance industry, but can be applied to other distributions. Emphasis is on the distribution of single losses related to claims made against various types of insurance policies. Includes five sets of insurance data as examples.

User’s Reviews

Editorial Reviews: From the Publisher Devoted to the problem of fitting parametric probability distributions to data, this treatment uniquely unifies loss modeling in one book. . Data sets used are related to the insurance industry, but can be applied to other distributions. Emphasis is on the distribution of single losses related to claims made against various types of insurance policies. Includes five sets of insurance data as examples.

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐I have used this book actively in actuarial and quantitative finance work since it was first published. I’ve found it invaluable. I’ve not given it 5 stars only because it has been improved in Klugman’s later book on the subject.As the first reveiw mentions, you will need to be familiar with mathematical statistics to use it. Not too high a hurdle for those needing what this book has. The appendix on loss distributions is superb — it is the cheat sheet I wanted and didn’t have to create. Klugman has since had some substantial updates with Wilmot that cost a lot more than this fine old book. You’ll get a lot of mileage out of this earlier work, but the updates have quite a bit more at the price of steeper math climbing.Full disclosure: Stuart was one of my professors at University of Iowa, and Robert Hogg was there as well at the time.

⭐This book, part of the Wiley Series in Probability and Mathematical Statistics is writen for the fitting of probability distribution models to data relating to losses in the insurance industry. A necessary prerequisite for the understanding of this book is a university course in mathematical statistics. This is an advanced book utilizing higher mathematical formulas and functions. It covers models for random variables, statistical inference, loss distributions, and applications. It is a very useful book for those interested in theory and who are competent in advanced functions.

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