Description: This paper, originally published in 1992 in the Transactions of Society of Actuaries Vol. 44, deals with a topic that is becoming increasingly important to actuaries in most fields of practice. “Without relying on formulas, this paper presents the important concepts underlying the theory of arbitrage-free pricing of interest-rate-contingent cash flows.” This paper, by James A. Tilley, won the 1992-93 Annual Prize, and the Halmstad Prize for 1992. The paper includes written discussion and the author’s review of the discussions.

Description: Essay stating Americans need to invent, implement, and evaluate sustainable health care policies, divert cash-flow streams away from projects which feed the beast and focus on projects and policies which enhance value. It will require a combination of thoughtful, coordinated policies and a change in our cultural expectations of infinite resources and unlimited choice.

Description: The paper presents the history of mortgage guarantee insurance in the US, beginning briefly with the history of banks and banking regulation and ending with implications for the future.

Description: Actuaries should understand the economic considerations involved in the formulary drug decision-making process, and the presence of actuarial input in the process could improve it, especially by tying it to overall decision making for the health plan. From Prescription Drugs Monograph, M-HB04-1.

Description: Government credit programs are intended to meet various social and economic objectives. By providing more favorable terms than are available from private lenders, credit programs assist borrowers, including some who could not obtain funds otherwise. From Study of Public Financial Guarantee Programs, M-FI96-2.

Description: Chapter 6 presents a listing of sources used in the Price, Waterhouse study. From Study of Public Financial Guarantee Programs, M-FI96-2.

Description: This paper will focus on default distributions and why they are important.

Description: This article is a summary of the authors’ two other articles where they discuss pension systems and whether they do in fact distort retirement decisions.

Description: This paper focuses on when and how we retire.

Description: Discussant comments for the 2009 Housing Wealth monograph paper, “History of Mortgage Finance With an Emphasis on Mortgage Insurance.” The paper presents the history of mortgage guarantee insurance in the US beginning briefly with the history of banks and banking regulation and ending with implications for the future. The discussant finds the paper clearly written and that it would make a useful reference based on a reading of a preliminary draft.