Description: This paper presents a model of the progression of the Acquired Immunodeficiency Syndrome [AIDS] epidemic in the United States. From Transactions of Society of Actuaries 1989, Vol. 41.

Description: This paper presents a method of testing second-order stochastic dominance of risks. This methodology allows risks to be partially ordered by value with available data - requiring only that the risks have yields distributed as one of the location-scale family of distributions and that the actuary can specify that family.

Description: This paper presents a model designed to help actuaries analyze and quantify C3 risk, which is the risk of loss due to changes in interest rates or the shape of the yield curve.

Description: This paper undertakes to give dossiers of essentially all the actuaries who entered the profession in Canada or the United States up to about 1872. It includes those who died or left the profession before the Actuarial Society of America was formed in April 1889, and those who, in due course, became Fellows of that Society when or after it came into being. The paper also mentions some of the conditions under which the Actuarial Society was organized, and suggests that a yet fuller story of how the actuarial pioneers coped with circumstances and events of more than a century ago would be a desirable record to document. From Transactions of Society of Actuaries 1984, Vol. 36.

Description: This paper shows how actuarial pricing based on the mathematical concept of present value can be formulated and solved using Markov chains and an approach borrowed from engineering mathematics called ballistic control theory.

Description: This paper reviews recursive formulas for aggregate claim distributions. Followed by a submitted discussion paper

Description: This paper presents a theoretical approach to the valuation of options on bonds, a computer model for valuing such options, an application of options theory to evaluate the risk of call options on corporate bonds, and an application of options theory to price the risk of deposit antiselection on certain GICs sold to employee savings plans. From Transactions of Society of Actuaries 1985, Vol. 37.

Description: The Federal Employees' Retirement System 'FERS', enacted into law on June 6, 1986, covers civilian employees of the U.S. Government who were hired after 1983. FERS supplements Social Security with a basic annuity plan and a thrift-savings plan. The Civil Service Retirement System 'CSRS' remains in effect for employees hired before 1984 who do not elect to transfer to FERS. Besides discussing the benefit changes, this paper covers the following related subjects of broader interest: 1. The federal legislative process, including the roles of interest groups, the Congress and the Administration, and the actuaries assisting them, 2. Investments in stocks and bonds by the new thrift plan, and why these use index funds, and 3. How FERS serves as a model for other large public retirement systems, using a defined contribution plan to help meet its retirement objectives and giving the private sector opportunities to provide benefit services. From Transactions of Society of Actuaries 1988, Vol. 40, Pt. 1.

Description: This paper presents the probabilistic concepts underlying measurement of asset adequacy in a simplified way. Discussions of this paper are included.

Description: Equity-indexed annuities [EIAs] can be viewed as mutual funds wrapped around with various guarantees. A recent paper derived a closed form formula for pricing this dynamic guarantee if early withdrawal from the fund [before maturity] is not permitted. This paper studies the pricing of dynamic protection without a maturity date, i.e., the investor chooses the date to cash in the fund accumulation.