Results for 'annuity'

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  1. What was fair in actuarial fairness?Antonio J. Heras, Pierre-Charles Pradier & David Teira - 2020 - History of the Human Sciences 33 (2):91-114.
    In actuarial parlance, the price of an insurance policy is considered fair if customers bearing the same risk are charged the same price. The estimate of this fair amount hinges on the expected value obtained by weighting the different claims by their probability. We argue that, historically, this concept of actuarial fairness originates in an Aristotelian principle of justice in exchange (equality in risk). We will examine how this principle was formalized in the 16th century and shaped in life insurance (...)
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  2. The Science of Conjecture: Evidence and Probability Before Pascal.James Franklin - 2001 - Baltimore, USA: Johns Hopkins University Press.
    How were reliable predictions made before Pascal and Fermat's discovery of the mathematics of probability in 1654? What methods in law, science, commerce, philosophy, and logic helped us to get at the truth in cases where certainty was not attainable? The book examines how judges, witch inquisitors, and juries evaluated evidence; how scientists weighed reasons for and against scientific theories; and how merchants counted shipwrecks to determine insurance rates. Also included are the problem of induction before Hume, design arguments for (...)
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