Discover how the Dutch Book Theorem reveals profit opportunities in betting and finance when probabilities are misjudged.

The beauty of Statistics is that if you can take a large enough group of people, you can predict really well what the outcome will be overall Our research works across the fields of probability, ...

Insurance risk is the probability of an adverse event that causes an insurance claim. Learn how business insurance risk is ...

Insurance can effectively mitigate significant operational risks. However, not all losses are insurable, and payments of covered losses are not generally reimbursed in full for reasons including the ...

Journal of Applied Probability, Vol. 48, No. 4 (DECEMBER 2011), pp. 1035-1048 (14 pages) Consider a discrete-time insurance risk model. Within period i, the net insurance loss is denoted by a ...

The law of large numbers employs probability theory to estimate the frequency of certain events with reasonable accuracy; the larger the number (or population), the greater the accuracy. Collective ...

Catastrophic risks are often characterised by a low probability, a high severity and a large number of affected individuals. Taking these specificities into account, we analyse the capacity of ...

Health insurance in India is often bought emotionally. A hospital bill scares us, someone we know falls sick, and we rush ...