Business Administration (2003)
BibTeX
@MISC{Aase03businessadministration,
author = {Knut K. Aase and Svein-arne Persson},
title = {Business Administration},
year = {2003}
}
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Abstract
In an editorial in ASTIN BULLETIN, Hans Bühlmann (2002) suggests it is time to change the teaching of life insurance theory towards the real life challenges of that industry. The following note is a response to this editorial. In Bergen we have partially taught the NU-MAT, or the NUMeraire based Actuarial Teaching since the beginning of the 90ties at the Norwegian School of Economics and Business Administration (NHH). In this short note we point out that there may be some practical problems when these principles are to be implemented. Actuarial Mathematics vs Financial Economics As recognized by Bühlmann the model used in Life Insurance Mathematics is built on the two elements: (i) mortality, and (ii) time value of money. This is, however, not sufficient to comprise a consistent pricing theory of a financial product, such as a private life insurance contract, a pension or an annuity. It is rather remarkable that mathematicians have, for more that 200
Keyphrases
business administration life insurance theory practical problem private life insurance contract actuarial teaching short note life insurance mathematics time value astin bulletin financial product actuarial mathematics v financial economics following note consistent pricing theory real life challenge norwegian school han hlmann
