Bayesian Estimation of Event Probability in Accident Insurance
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25410%2F14%3A39898767" target="_blank" >RIV/00216275:25410/14:39898767 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Bayesian Estimation of Event Probability in Accident Insurance
Original language description
The objective of this paper is to present Bayesian estimation of selected binomial proportions in accident insurance. The classical approach to point estimation treats parameters as something fixed but unknown. The essential difference in the Bayesian approach to inference is that parameters are treated as random variables and therefore they have probability distributions. In Bayesian approach to estimation we should always start with a priori distribution for unknown parameter, precise or vague according to the information available. In this paper we have derived an algorithm for such a priori estimation of the binomial probability, which allows Bayesian estimates with less square error compared with classical estimates. In article the suggested algorithm has been applied on the data submitted by the Decree No. 20/2008 to the National Bank of Slovakia from insurance companies giving exposure to the accident risk.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
BB - Applied statistics, operational research
OECD FORD branch
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Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2014
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Proceedings of the 11th International Scientific Conference European Financial Systems 2014
ISBN
978-80-210-7153-7
ISSN
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e-ISSN
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Number of pages
7
Pages from-to
462-468
Publisher name
Masarykova univerzita
Place of publication
Brno
Event location
Lednice
Event date
Jun 12, 2014
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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