In 1763 Richard Price published ‘An essay towards solving a problem in the Doctrine of Chances [by] the late Rev. Bayes, F.R.S., communicated by Mr Price…’ in Philosophical Transactions [of the Royal Society] 53, pages 370-418. The essay, which Price claimed to have derived from papers he had found written by his late friend gave, rise to the significant branch of ‘Bayesian statistics’ though there has been debate about whether Bayes was the originator of the work. The notebook has been the subject of examination and published research and it contains a section on ‘probabilitas’ (sections 81-82) among other observations on astronomy and other mathematical topics.
As A.I. Dale concludes, ‘while this [the notebook] does not prove that “Bayes’s Theorem” is the discovery of our reverend friend [Thomas Bayes], it certainly indicates that the result was known to him some time before his death in 1761’.
As original work on probability theory, it is fitting that the notebook joins other leading texts on probability and other component works of 'actuarial analysis’ (demographic mortality data and calculations of compound interest) in the actuarial profession’s special library collections on actuarial science from the sixteenth century.
Interested readers can refer to papers below:
- Holland, J.D. (1962). The Reverend Thomas Bayes FRS (1702-1761). Journal of the Royal Statistical Society, Series A 125: 451-461.
- Dale, A.I. (1986). A newly discovered result of Thomas Bayes, Archive for History of Exact Sciences 35: 101-113.
- Bellhouse, D.R. (2002). On some recently discovered manuscripts of Thomas Bayes. Historia Mathematica 29: 383-394.
- Bellhouse, D.R. (2004). The Reverend Thomas Bayes, FRS: a biography to celebrate the tercentenary of his birth. Statistical Society 19(1): 3-43.
Related documents
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Equitable Life Assurance Society (ELAS) Archive 1762 - 1975 at Institute of Actuaries Library, London
30 September 2007 -
Equitable Life (ELAS) archive. Catalogue of launch display, 3 April 2007
2 April 2007 -
The Bayesian controversy in statistical inference
27 February 1967 -
Books, manuscripts and documents dating before 1901 in the libraries of the Institute and Faculty of Actuaries
30 April 2020
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The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.
Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.
Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.
The role of actuaries within the health sector varies considerably from one country to another, due to differences in the local evolution of health systems and the funding models for health services. 
This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace. Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular. We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?