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Posts feedKaplan-Meier for actuaries
In Richards & Macdonald (2024) we advocate that actuaries use the Kaplan-Meier estimate of the survival curve. This is not just because it is an excellent visual communication tool, but also because it is a particularly useful data-quality check.
Build versus buy
In an earlier blog I quoted extensively from "The Mythical Man-Month", a book by the distinguished software engineer Fred Brooks. My blog was admittedly self-interested(!) when it cited arguments made by Brooks (and others) for when it makes sense to buy software instead of writing it yourself. However in place of "buying
See You Later, Indicator
A recurring feature in my previous blogs, such as this one on information, is the indicator process:
\[Y^*(x)=\begin{cases}1\quad\mbox{ if a person is alive at age \(x^-\)}\\0\quad\mbox{ otherwise}\end{cases}\]
where \(x^-\) means immediately before age \(x\) (never mind the asterisk for now). When something keeps cropping up in any branch of mathematics or statistics, there are usually good reasons, and this is no exception. Here are some: