volume 5, issue 2, P377-395 1999
DOI: 10.1017/s1357321700000507
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P.P. Huber, R.J. Verrall

Abstract: ABSTRACTThis paper addresses the fundamental issues in the construction and use of actuarial economic models, with specific reference to those described in the UK literature. Two approaches are considered: an empirical approach and a theoretical approach using financial economics. Although empirical testing is essential, the difficulties associated with it should not be underestimated. A theoretical framework can be used to limit the impact of these difficulties. However, economic modelling is further complica…

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