Bean's PROBABILITY: THE SCIENCE OF UNCERTAINTY WITH APPLICATIONS TO INVESTMENTS, INSURANCE, AND ENGINEERING is an 'applied' book that will be of interest to instructors teaching probability in mathematics departments of operations research, statistics, actuarial science, management science, and decision science. Comprehensive, easy to read and comprehend, and current, the book uses investment, insurance, and engineering applications throughout as a unifying theme.
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52 of 56 people found the following review helpful:
5.0 out of 5 stars
Excellent,
By A Customer
This review is from: Probability: The Science of Uncertainty with Applications to Investments, Insurance, and Engineering (Hardcover)
This book is on the course of reading for the Society of Actuaries and Casualty Actuarial Society jointly sponsored Course 1/Exam 1. Although all the probability books listed on the course of reading are good, this text is probably the one to choose. The book seems to be designed with an actuarial student in mind, and an actuarial student would find it very useful for self study. A solution manual is also available.The quality and level of the writing are excellent. It covers all the required probability topics, and emphasizes certain topics that are not usually emphasized in other texts. Some of these topics are conditional probability; distributional form of Law of Total Probability and Bayes Theorem; conditional expectation; limited moments; mixed probability distributions; survival distributions; hazard or mortality functions; special continuous distributions used in survival analysis (Weibull, Pareto, etc.); compound Poisson and other compound distributions. All but the last chapter on option pricing would be required reading for Exam 1, and the last chapter useful for Exam 2. A very useful feature of this textbook is that in Chapters 5 (Special Discrete Distributions) and 6 (Special Continuous Distributions) the distribution theory is very clearly outlined. For example, relationship to other distributions, distribution of iid sums, limiting distributions, etc. are clearly stated and summarized. In addition to Exam 1, this text will also be valuable as a reference to study for Exam 4. Students who would have difficulty with the level of this presentation will also have difficulty with SOA Exam 1.
9 of 9 people found the following review helpful:
5.0 out of 5 stars
Good for self-study,
By Anastasia (Staten Island, NY) - See all my reviews
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This review is from: Probability: The Science of Uncertainty with Applications to Investments, Insurance, and Engineering (Hardcover)
I used this textbook as my main study material for the SOA/CAS P/1 exam. I found it to be well-written and understandable. I have some background in calculus and probability (long-forgotten college courses). I'm hanging on to it for future reference. It's actually possible to learn the material from the book all on your own. All in all, one of the better textbooks out there.
11 of 13 people found the following review helpful:
5.0 out of 5 stars
Excellent for SOA exam P,
By Actuary Student (The cradle of American Independence) - See all my reviews
This review is from: Probability: The Science of Uncertainty with Applications to Investments, Insurance, and Engineering (Hardcover)
I used this book to study for SOA exam P and loved it! If you already have some background in statistics and probability, this is the book to go. It will fill in the blanks left by your average school textbook and give you the nesessary coverage of the exam material.
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Key Phrases - Statistically Improbable Phrases (SIPs):
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screening unqualified applicants, unqualified freshmen, prior speeding conviction, arithmetic expectation, single layer contracts, limited expected value function, jth claim, geometric expected value, relevant probability information, generalized density function, geometric expectation, compound negative binomial distribution, randomly chosen policy, special discrete distributions, indemnified amount, rth arrival, normal power approximation, annum continuously, portfolio opportunity set, rth head, hospitalization claims, relative frequency density, optimal risky portfolio, mixed random variable, chosen payoff Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Nobel Prize, The Grapes of Wrath, Summary of Concepts Illustrated, Effect of Arithmetic Operations, Wuthering Heights, Distribution of the Loss, Use Venn, Harry Markowitz, Distribution of the Indemnified Amount, Calculate Var, Total Observed, Other Special Distributions Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
screening unqualified applicants, unqualified freshmen, prior speeding conviction, arithmetic expectation, single layer contracts, limited expected value function, jth claim, geometric expected value, relevant probability information, generalized density function, geometric expectation, compound negative binomial distribution, randomly chosen policy, special discrete distributions, indemnified amount, rth arrival, normal power approximation, annum continuously, portfolio opportunity set, rth head, hospitalization claims, relative frequency density, optimal risky portfolio, mixed random variable, chosen payoff Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Nobel Prize, The Grapes of Wrath, Summary of Concepts Illustrated, Effect of Arithmetic Operations, Wuthering Heights, Distribution of the Loss, Use Venn, Harry Markowitz, Distribution of the Indemnified Amount, Calculate Var, Total Observed, Other Special Distributions Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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