Fundamentals of Actuarial Mathematics or Economics

Fundamentals of Actuarial Mathematics

Author: S David Promislow

Actuarial work is the application of mathematics and statistics to the analysis of financial problems in life insurance, pensions, general insurance and investments. This unique introduction to the topic employs both a deterministic and stochastic treatment of the subject. It combines interest theory and life contingencies in a unified manner as well as covering basic risk theory. Fundamentals of Actuarial Mathematics presents the concepts in an original, accessible style, assuming a minimal formal background.
* Provides a complete review of necessary probability theory.
* Covers the Society of Actuaries' syllabus on Actuarial Models.
* Orders the topics specifically to facilitate learning, beginning with the simplest case of the deterministic discrete model, and then moving to the more complicated stochastic, continuous models.
* Employs modern calculation and computing techniques, such as spreadsheets.
* Contains a variety of exercises, both computational and theoretical.
* Supported by a website featuring exercises and further examples.
* Written by a highly respected academic with over 35 years teaching experience.

This book will be invaluable to senior undergraduate and graduate students, as well as actuarial professionals working in the life insurance or pension fields. Applied mathematicians and economists will also benefit greatly from the clear presentation and numerous examples.

Table of Contents:

1	Introduction and motivation	3
2	The basic deterministic model	7
3	The life table	37
4	Life annuities	45
5	Life insurance	59
6	Insurance and annuity reserves	75
7	Fractional durations	95
8	Continuous payments	109
9	Select mortality	129
10	Multiple-life contracts	135
11	Multiple-decrement theory	151
12	Expenses	165
13	Survival distributions and failure times	173
14	The stochastic approach to insurance and annuities	187
15	Simplifications under constant benefit contracts	207
16	The minimum failure time	217
17	Compound distributions	245
18	An introduction to stochastic processes	275
19	Poisson processes	295
20	Ruin models	305

Interesting book: Gumbo Tales or River Road Recipes II

Economics: A Tool for Critically Understanding Society

Author: Tom Riddell

Economics: A Tool for Critically Understanding Society offers a clear, simple introduction to economic analysis in a style that is ideal for a one-semester introductory course. The authors take a historical perspective, presenting economic theories and their connections to to a wide variety of schools of thought. The goal is to help students use economic concepts to analyze today’s issues, to think about everyday decisions, and to examine their preconceived ideas and beliefs. Economics as a Tool for Critical Thinking in a Changing Global Economy: Economics as a Social Science; Exploring the Emerging Global Economy. Economic History and the Development of Modern Economic Thought: The Evolution of Economic Systems; Adam Smith, Classical Liberalism, and the Division of Labor; Karl Marx and the Socialist Critique of Capitalism; The Rise and Fall of Laissez-Faire in the U.S. Economy. Microeconomics: Scarcity: “You Can't Always Get What You Want”; The Theory of Markets;Perfect Competition and Efficiency; Noncompetitive Markets and Inefficiency; Resource Markets and the Distribution of Income; Corporations and Labor Unions; The Economic Role of Government. Macroeconomics: Macroeconomics: Issues and Problems; Macroeconomic Theory: Classical and Keynesian Models; Fiscal Policy: Government Spending and Taxation; Financial Markets, Money, and Monetary Policy; Aggregate Demand and Aggregate Supply; Unemployment, Inflation, and Stabilization Policy in a Global Economy. International Economics and Finance: International Trade and Interdependence; InternationalFinance; The Economics of Developing Nations; Economies in Transition. For all readers interested in one-semester economics.