- Visual Recap of Conditional Probability
- Bayesian Statistics Example
- Prior and Posterior Distributions
- Notation
- Prior and Posterior Example
- Conjugate Priors
- Loss Functions
- Credibility Theory
- Bayesian Credibility
- Empirical Bayes Credibility Theory
- Exam Question on EBCT
What you'll learn
- Bayesian Statistics and Credibility Theory
Description
This short course aims to address the following syllabus objectives of the Actuarial Exams:
Explain the fundamental concepts of Bayesian statistics and use these concepts to calculate Bayesian estimators.
Use Bayes’ theorem to calculate simple conditional probabilities.
Explain what is meant by a prior distribution, a posterior distribution and a conjugate prior distribution.
Derive the posterior distribution for a parameter in simple cases.
Explain what is meant by a loss function.
Use simple loss functions to derive Bayesian estimates of parameters.
Explain what is meant by the credibility premium formula and describe the role played by the credibility factor.
Explain the Bayesian approach to credibility theory and use it to derive credibility premiums in simple cases.
Explain the empirical Bayes approach to credibility theory and use it to derive credibility premiums in simple cases.
Explain the differences between the two approaches and state the assumptions underlying each of them.
Other Courses
Mindset transformation: Craft the life you desire
"Discovering Your True Self: Building Identity and Unleashing Your Purpose"
Safex Market Fundamentals
Learn fundamentals about Safex Market and dive into the e-commerce and cryptocurrency world
Ultimate Beginner Ballet mini crash course
FREE mini introduction to my Ultimate Beginner Ballet course
Number Theory: Exploring Mathematics and Solving Sums
Exploring Fascinating World of Mathematics, Sums and Beyond in a Comprehensive Introduction : Number Theory
Building Your First 2D Game with Cocos Creator (Part Two)
Continuing our journey with Cocos Creator
Unity 2D Beginner Master Class Using C# in Tamil
Learn Unity in C# & Code Your First Five 2D Video Games for Web, Mac & PC in Tamil
About the instructors
- 4.43 Calificación
- 38376 Estudiantes
- 23 Cursos
Michael Jordan
Actuary (FASSA/CERA)
Hi I'm MJ the Fellow Actuary. I've been making educational videos since 2013 on YouTube. I've passed all the actuarial exams and am here to help you do the same. I've majored in Mathematical Statistics and have published research in the South African Journal of Science on Artificial Intelligence. I've also done a Ted Talk on advanced studying methods. As your instructor my purpose is to make sure you understand every concept in these courses. If you get stuck with anything, send me a message, I'm here to help. I'm passionate about philosophy and theology and hope to bring an actuarial angle to these exciting subjects.
Student feedback
Course Rating
Reviews
Good for understanding
Waste of time, Basic Solutions.