Description: This paper, written following a UK Actuarial meeting, is divided into three parts. Taken together, the three parts intend to provide the reader with an overview of the first 101 years of financial economics, with particular attention on those developments that are of special interest to actuaries.

Description: A research report that examines modeling of cash flow associated within a pool of mortgages and specifically focusing on the effectiveness of infusing a limited amount of capital into the pool.

Description: Since spring, with the marked improvement in the payments deficit of the United States, the climate for discussion of reform of the world currency systems has become much more favorable. Perhaps our subject today should more fittingly be entitled Monetary Reform for the World Economy. Discussion focuses on the steps that can be taken to insure that enough liquidity will be provided to finance expanding world trade while maintaining stable price levels, and on how reform measures can be drawn to avoid the danger that additional liquidity will encourage countries to run chronic deficits.

Description: This paper examines demographic and economic trends of the 1970's and suggests implications with regards to the life insurance industry. Some of the trends include changes in distribution of income, age, family size, inflation, population size, environmental instability and there is discussion of some of the underlying causes of these developments.

Description: In this paper, the authors have analyzed the Cash Balance pension and contributions using the methods and principles of financial economics, to give a market consistent evaluation of the costs of the CB liability.

Description: In this paper, the authors take an axiomatic approach to characterize insurance prices in a competitive market setting. Four axioms are presented to describe the behavior of market insurance prices. From these axioms it follows that the price of an insurance risk has a Choquet integral representation with respect to a distorted probability.

Description: This paper describes an actuarial model that was developed to answer the question of whether employees are projected to get their money's worth out of participating in the Society Security system, determined by comparing the expected present value of benefits to projected value of taxes. This question is discussed with reference to 1. a single worker, 2. a married worker with a non working spouse and 3. a two-wage-earner family.

Description: This paper will consider aspects of inflation as it affects the operations of the life insurance industry and the policyholder, and will review some of the approaches used, primarily by European companies, to meet the situation. Discussions of this paper are included.

Description: This paper examines the Federal Housing Administration's [FHA] historical termination data on individual single family mortgages. These FHA data can be used to help understand recent past experience as well as to forecast future experience.