Notes on capital theory: a comment on the economic basis of interest rates
In a recent article in this Journal, Professor Wilkie gave an account of the determination of the rate of interest in a Fisher–Hirshleifer model. In his analysis of a production economy, he appeared to take as intuitively reasonable, not to say axiomatic, the existence of an inverse monotonic relation between the value of investment and the rate of interest.
The construction of the Scottish Life Tables (1980-1982)
The preliminary data relating to the proposed Scottish Life Tables (1980-1982) were made available to the author by courtesy of the Government Actuary. In this paper we describe briefly experiments in graduating the underlying crude mortality rates by cubic splines and give an outline of the principal features of the graduations finally adopted.
Notes on the Journal of the Institute of Actuaries, vol. 115
Actuarial mathematics, by N. L. Bowers, H. U. Gerber, J. C. Hickman, D. A. Jones and C. J. Nesbitt (Review)
Notes on the Financial Times-Actuaries Equity Share Indices in 1988
The British insurance industry - A statistical review (1988/89 edition), by Robert L. Carter and Stephen R. Diacon (Review)
Notes on the Journal of the Institute of Actuaries, vol. 114
SSAP 24 - Eighteen months on
The actuary's role in determining pension fund investment strategy
Reflections on resilience: some considerations of mismatching tests, with particular reference to non-linked long-term insurance business
This paper considers the valuation for solvency purposes of traditional long-term insurance business. It concentrates on without-profits business, and discusses the reserves that are required to protect against the contingency of sudden adverse changes in asset values (the ‘mismatching’ or ‘resilience’ test). The details of a suitable test, and a method of applying it in practice using a ‘matching rectangle’, are described.
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