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Ruin Theory
In actuarial science and applied probability, ruin theory (sometimes risk theory or collective risk theory) uses mathematical models to describe an insurer's vulnerability to insolvency/ruin. In such models key quantities of interest are the probability of ruin, distribution of surplus immediately prior to ruin and deficit at time of ruin. Classical model The theoretical foundation of ruin theory, known as the Cramér–Lundberg model (or classical compound-Poisson risk model, classical risk process or Poisson risk process) was introduced in 1903 by the Swedish actuary Filip Lundberg. Lundberg's work was republished in the 1930s by Harald Cramér. The model describes an insurance company who experiences two opposing cash flows: incoming cash premiums and outgoing claims. Premiums arrive a constant rate ''c'' > 0 from customers and claims arrive according to a Poisson process N_t with intensity ''λ'' and are independent and identically distributed non-negative random ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convolution
In mathematics (in particular, functional analysis), convolution is a operation (mathematics), mathematical operation on two function (mathematics), functions ( and ) that produces a third function (f*g) that expresses how the shape of one is modified by the other. The term ''convolution'' refers to both the result function and to the process of computing it. It is defined as the integral of the product of the two functions after one is reflected about the y-axis and shifted. The choice of which function is reflected and shifted before the integral does not change the integral result (see #Properties, commutativity). The integral is evaluated for all values of shift, producing the convolution function. Some features of convolution are similar to cross-correlation: for real-valued functions, of a continuous or discrete variable, convolution (f*g) differs from cross-correlation (f \star g) only in that either or is reflected about the y-axis in convolution; thus it is a cross-c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stochastic Processes
In probability theory and related fields, a stochastic () or random process is a mathematical object usually defined as a family of random variables. Stochastic processes are widely used as mathematical models of systems and phenomena that appear to vary in a random manner. Examples include the growth of a bacterial population, an electrical current fluctuating due to thermal noise, or the movement of a gas molecule. Stochastic processes have applications in many disciplines such as biology, chemistry, ecology, neuroscience, physics, image processing, signal processing, control theory, information theory, computer science, cryptography and telecommunications. Furthermore, seemingly random changes in financial markets have motivated the extensive use of stochastic processes in finance. Applications and the study of phenomena have in turn inspired the proposal of new stochastic processes. Examples of such stochastic processes include the Wiener process or Brownian motion pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruin Theory
In actuarial science and applied probability, ruin theory (sometimes risk theory or collective risk theory) uses mathematical models to describe an insurer's vulnerability to insolvency/ruin. In such models key quantities of interest are the probability of ruin, distribution of surplus immediately prior to ruin and deficit at time of ruin. Classical model The theoretical foundation of ruin theory, known as the Cramér–Lundberg model (or classical compound-Poisson risk model, classical risk process or Poisson risk process) was introduced in 1903 by the Swedish actuary Filip Lundberg. Lundberg's work was republished in the 1930s by Harald Cramér. The model describes an insurance company who experiences two opposing cash flows: incoming cash premiums and outgoing claims. Premiums arrive a constant rate ''c'' > 0 from customers and claims arrive according to a Poisson process N_t with intensity ''λ'' and are independent and identically distributed non-negative random ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Risk
Financial risk is any of various types of risk associated with financing, including financial transactions that include company loans in risk of default. Often it is understood to include only downside risk, meaning the potential for financial loss and uncertainty about its extent. A science has evolved around managing market and financial risk under the general title of modern portfolio theory initiated by Dr. Harry Markowitz in 1952 with his article, "Portfolio Selection". In modern portfolio theory, the variance (or standard deviation) of a portfolio is used as the definition of risk. Types According to Bender and Panz (2021), financial risks can be sorted into five different categories. In their study, they apply an algorithm-based framework and identify 193 single financial risk types, which are sorted into the five categories market risk, liquidity risk, credit risk, business risk and investment risk. Market risk The four standard market risk factors are equity ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hans-Ulrich Gerber
Hans-Ulrich or Hans Ulrich may refer to: *Hans Ulrich Aschenborn (born 1947), animal painter in Southern Africa * Hans-Ulrich Back (1896–1976), German general in the Wehrmacht during World War II * Hans-Ulrich Brunner (1943–2006), Swiss painter * Hans-Ulrich Buchholz (1944–2011), German rower * Hans-Ulrich Dürst (born 1939), Swiss former swimmer *Hans Ulrich von Eggenberg (1568–1634), Austrian statesman *Hans Ulrich Engelmann (1921–2011), German composer *Hans-Ulrich Ernst (1920–1984), known as Jimmy Ernst, American painter born in Germany *Hans Ulrich Fisch (1583–1647), Swiss painter *Hans Ulrich Franck (born 1603), German historical painter and etcher from Kaufbeuren, Swabia *Hans-Ulrich Grapenthin (born 1943), German former footballer *Hans Ulrich Gumbrecht (born 1948), literary theorist whose work spans epistemologies of the everyday *Hans-Ulrich Indermaur (born 1939), Swiss television moderator, journalist, writer, and magazine editor *Hans Ulrich Klintzsch (1898 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elias S
Elias is the Greek equivalent of Elijah ( he, אֵלִיָּהוּ ''ʾĒlīyyāhū''; Syriac: ܐܠܝܐ ''Eliyā''; Arabic: الیاس Ilyās/Elyās), a prophet in the Northern Kingdom of Israel in the 9th century BC, mentioned in several holy books. Due to Elias' role in the scriptures and to many later associated traditions, the name is used as a personal name in numerous languages. Variants * Éilias Irish * Elia Italian, English * Elias Norwegian * Elías Icelandic * Éliás Hungarian * Elías Spanish * Eliáš, Elijáš Czech * Elias, Eelis, Eljas Finnish * Elias Danish, German, Swedish * Elias Portuguese * Elias, Iliya () Persian * Elias, Elis Swedish * Elias, Elyas Ethiopian * Elias, Elyas Philippines * Eliasz Polish * Élie French * Elija Slovene * Elijah English, Hebrew * Elis Welsh * Elisedd Welsh * Eliya (එලියා) Sinhala * Eliyas (Ілияс) Kazakh * Eliyahu, Eliya (אֵלִיָּהוּ, אליה) Biblical Hebrew, Hebrew * Elyās, Ilyās, Eliya (, ) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael R
Michael may refer to: People * Michael (given name), a given name * Michael (surname), including a list of people with the surname Michael Given name "Michael" * Michael (archangel), ''first'' of God's archangels in the Jewish, Christian and Islamic religions * Michael (bishop elect), English 13th-century Bishop of Hereford elect * Michael (Khoroshy) (1885–1977), cleric of the Ukrainian Orthodox Church of Canada * Michael Donnellan (1915–1985), Irish-born London fashion designer, often referred to simply as "Michael" * Michael (footballer, born 1982), Brazilian footballer * Michael (footballer, born 1983), Brazilian footballer * Michael (footballer, born 1993), Brazilian footballer * Michael (footballer, born February 1996), Brazilian footballer * Michael (footballer, born March 1996), Brazilian footballer * Michael (footballer, born 1999), Brazilian footballer Rulers =Byzantine emperors= *Michael I Rangabe (d. 844), married the daughter of Emperor Nikephoros I * Mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renewal Process
Renewal theory is the branch of probability theory that generalizes the Poisson process for arbitrary holding times. Instead of exponentially distributed holding times, a renewal process may have any independent and identically distributed (IID) holding times that have finite mean. A renewal-reward process additionally has a random sequence of rewards incurred at each holding time, which are IID but need not be independent of the holding times. A renewal process has asymptotic properties analogous to the strong law of large numbers and central limit theorem. The renewal function m(t) (expected number of arrivals) and reward function g(t) (expected reward value) are of key importance in renewal theory. The renewal function satisfies a recursive integral equation, the renewal equation. The key renewal equation gives the limiting value of the convolution of m'(t) with a suitable non-negative function. The superposition of renewal processes can be studied as a special case of Markov ren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
M/G/1 Queue
In queueing theory, a discipline within the mathematical theory of probability, an M/G/1 queue is a queue model where arrivals are Markovian (modulated by a Poisson process), service times have a General distribution and there is a single server. The model name is written in Kendall's notation, and is an extension of the M/M/1 queue, where service times must be exponentially distributed. The classic application of the M/G/1 queue is to model performance of a fixed head hard disk. Model definition A queue represented by a M/G/1 queue is a stochastic process whose state space is the set , where the value corresponds to the number of customers in the queue, including any being served. Transitions from state ''i'' to ''i'' + 1 represent the arrival of a new customer: the times between such arrivals have an exponential distribution with parameter λ. Transitions from state ''i'' to ''i'' − 1 represent a customer who has been served, finishing being served and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Applied Probability
Applied probability is the application of probability theory to statistical problems and other scientific and engineering domains. Scope Much research involving probability is done under the auspices of applied probability. However, while such research is motivated (to some degree) by applied problems, it is usually the mathematical aspects of the problems that are of most interest to researchers (as is typical of applied mathematics in general). Applied probabilists are particularly concerned with the application of stochastic processes, and probability more generally, to the natural, applied and social sciences, including biology, physics (including astronomy), chemistry, medicine, computer science and information technology, and economics. Another area of interest is in engineering: particularly in areas of uncertainty, risk management, probabilistic design, and Quality assurance. See also *Areas of application: **Ruin theory **Statistical physics **Stoichiometry and modelli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
