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Actuarial science and the theory of statistics

Published online by Cambridge University Press:  11 August 2014

Wilfred Perks
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Extract

The theory of statistics, like other scientific theories, can be divided into three fairly distinct sections; they are (1) the foundations of the theory, (2) the superstructure, and (3) the principles of application. It is, of course, possible to divide the subject in different ways; for example, the word ‘methodology’ is sometimes used to cover part of (2) and (3). But I find it helpful in thinking about the subject to make the division that I have indicated.

It is my purpose to show that actuarial science is essentially a particular application of the theory of statistics, that there is nothing very special about its superstructure and that in its application to practical affairs the universal principles apply. But I first want to make it clear that while I include the combination of compound interest functions with other actuarial functions as part of actuarial science I do not regard finance and investment as part of actuarial science proper. While treating finance and investment as a part of economics I appreciate that they represent an essential ingredient in the equipment of the practising actuary.

Type
Research Article
Information
Journal of the Staple Inn Actuarial Society , Volume 11 , Issue 3 , November 1952 , pp. 159 - 171
Copyright
Copyright © Institute of Actuaries Students' Society 1952

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References

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