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Credibility theory. Credibility theory is a branch of actuarial mathematics concerned with determining risk premiums. [1] To achieve this, it uses mathematical models in an effort to forecast the (expected) number of insurance claims based on past observations.
Bühlmann model. In credibility theory, a branch of study in actuarial science, the Bühlmann model is a random effects model (or "variance components model" or hierarchical linear model) used to determine the appropriate premium for a group of insurance contracts. The model is named after Hans Bühlmann who first published a description in 1967.
Adverse selection. In economics, insurance, and risk management, adverse selection is a market situation where asymmetric information results in a party taking advantage of undisclosed information to benefit more from a contract or trade. In an ideal world, buyers should pay a price which reflects their willingness to pay and the value to them ...
Jürgen Habermas in his theory of communicative action developed four validity claims (truth, sincerity, appropriateness and understandability) leading to the concept of credibility. In a different study [ 40 ] researchers empirically validated the claims and derived a two-phase model of "reporting credibility", where first of all ...
The credibility thesis is a proposed heterodox theoretical framework for understanding how societal institutions or social rules come about and evolve. It posits that institutions emerge from intentional institution-building but never in the originally intended form. [1] Instead, institutional development is endogenous and spontaneously ordered ...
In theory, more facts lead to more truth and to a better world. Scientists and journalists do a lot of damage to themselves when they put the making “a better world” part of their endeavor ...
Nyman's model was developed by John A. Nyman beginning in 1999 and presents an alternative view of moral hazard in the context of private health insurance in the United States. Nyman is a professor of Economics at the University of Minnesota. His theory proposes that private health insurance is purchased because consumers want to transfer ...
Other approaches to the question of checking whether a coin is fair are available using decision theory, whose application would require the formulation of a loss function or utility function which describes the consequences of making a given decision. An approach that avoids requiring either a loss function or a prior probability (as in the ...