September 2012
Beginner to intermediate
536 pages
14h 40m
English
book
Loss Models: From Data to Decisions, 4th Edition
by Stuart A. Klugman, Harry H. Panjer, Gordon E. Willmot
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17.3 Full credibility
One method of quantifying the stability of 
is to infer that is stable if the difference between and ξ is small relative to ξ with high probability. In statistical terms, stability can be defined by selecting two numbers r > 0 and 0 < p < 1 (with r close to 0 and p close to 1, common choices being r = 0.05 and p = 0.9) and assigning full credibility if
It is convenient to restate (17.1) as
Now let yp be defined by
That is, yp is the smallest value of y that satisfies the probability statement in braces in (17.2). If has a continuous distribution, the “≥” sign in (17.2) may be replaced by an “=” sign, and yp satisfies
Then the condition for full ...
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