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Splitting The Bill: Estimating Personal Consumption In Case Of Wrongful Death, Kathleen Ellis, David I. Rosenbaum
Splitting The Bill: Estimating Personal Consumption In Case Of Wrongful Death, Kathleen Ellis, David I. Rosenbaum
UCARE Research Products
In cases of wrongful death, the decedent’s survivors may sue alleged responsible parties for lost financial support. Forensic experts estimate a deceased individual’s personal consumption rate in order to separate the portion of the decedent’s income spent on him- or herself from the amount available as financial support for dependents. This paper enhances the prevailing estimation process by regressing consumption rates over individual households surveyed by the United States Bureau of Labor Statistics in its annual Consumer Expenditure Survey. We contend that this method improves the precision of estimates by accounting for the inherent heterogeneity in consumption among households with …
A Comparative Study Of The Performance Of Loss Reserving Methods Through Simulation, Prakash Narayan, Thomas Warthen
A Comparative Study Of The Performance Of Loss Reserving Methods Through Simulation, Prakash Narayan, Thomas Warthen
Journal of Actuarial Practice (1993-2006)
Actuaries are often asked to provide a range or confidence level for the loss reserve along with a point estimate. Traditional methods of loss reserving do not provide an estimate of the variance of the estimated reserve, and actuaries use various ad hoc methods to derive a range for the indicated reserve. We use a Monte Carlo simulation method to compare various loss reserve estimation methods, including traditional methods and regression-based methods of loss reserving.