We promised a series of articles discussing actuarial model trade-offs, and dang it, we’re going to keep our word. Our first trade-off article was about Modeling Efficiency versus Detail, and you can read that one here. Today we’re discussing another trade-off that many actuaries contend with on a daily basis: how precise do you need […]
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As any actuary who’s been in modeling for any time knows, there are multiple trade-offs in creating your model. We’ll be presenting some of those tradeoffs over a series of articles. This is the first, discussing the inevitable compromise between model detail and run efficiency. AN UNLIKELY CASE STUDY There once was an insurance company […]