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History Actuarial Science
HISTORY OF ACTUARIAL SCIENCE Edited by STEVEN HABERMAN and TREVOR A. SIBBETT VOLUME I Life Tables and Survival Model Part 1 154 LONDON WILLIAM PICKERING 1995 VOLUME I CONTENTS Preface xvii The History of Actuarial Science v xix 1. 200 Domitius Ulpianus, Ulpian's Table 1 2. 1657 Company of Parish Clerks, London's Dreadful Visitation 7 3. 1662 John Graunt, Natural and Political Observations upon the Bills of Mortality 23 4. 1669 Christiaan and Ludwig Huygens, Extracts from Letters 129 5. 1671 Johande Witt, Value of Life Annuities 144 6. 1693 Edmund HaWey, An Estimate of the Degrees of the Mortality of Mankind 165 7. 1709 Nicholas Bernoulli, De Usu Artis Conjectandi injure 185 8. 1737 John Smart, A Letter to George Heathcote re Tables of Bills of Mortality 197 9. 1740 Nicholas Struyck, Appendix to Introduction to General Geography 207 10. 1746 Antoine Deparcieux, Table XIII from Essay on the Probabilities of the Duration of Human Life 243 11. 1761 Thomas Watkins, A Letter to William Brakenridge re the Terms and Period of Human Life 251 VOLUME I I CONTENTS 1. 1760 Leonhard Euler, A General Investigation into the Mortality and Multiplication of Human Species 1 2. 1766 Pehr Wargentin, Mortality in Sweden 11 3. 1783 Richard Price, Observations on Reversionary Payments 39 4. 1793 Edward Wigglesworth, A Table shewing the Expectation of Life in the States of Massachusetts and New Hampshire 71 5. 1815 Joshua Milne, A Treatise on the Valuation of Annuities and Assurances 79 6. 1825 Benjamin Gompertz, On the Nature of the Function expressive of the Law of Human Mortality 119 7. -
Selected Books and Papers on Actuarial History and Pioneers 1 Mainly by UK Actuarial Profession Members (Listed by Year of Publication, Most Recent First)
Selected books and papers on actuarial history and pioneers 1 mainly by UK actuarial profession members (listed by year of publication, most recent first) 2009 Holland, David. Reinsurance: a brief history. [based on fuller paper: A brief history of reinsurance – below] [RKN: 44421] The Actuary (2009) April : online only Abstract: The author explores the evolution of reinsurance from its maritime origins to the present day. URL: http://www.the-actuary.org.uk Holland, David. A brief history of reinsurance. [RKN: 44422] Reinsurance News (2009) February : online only Abstract: The author explores the evolution of reinsurance from its maritime origins to the present day. URL: http://www.soa.org/library/newsletters/reinsurance-section-news/2009/february/rsn-2009-iss65.pdf Fulcher, Graham. A brief history of insurance. [RKN: 38964] The Actuary (2009) March : 28-29 Abstract: Graham Fulcher explores the evolution of risk sharing in non-life insurance over the past 4000 years. URL: http://www.the-actuary.org.uk MacDougall, Laura. – History: an equitable life. [William Morgan] [RKN: 69708] The Actuary (2009) May : online only Abstract: Laura MacDougall looks back on the life of William Morgan FRS (1750-1833), one of the early pioneers of actuarial science. URL: http://www.the-actuary.org.uk Lewin, Christopher G. – History: The curious case of Samuel Brown [RKN: 69705] Abstract: Chris Lewin looks at how different actuarial recruitment practice was in 1850. The Actuary (2009) May : online only URL: http://www.the-actuary.org.uk Lewin, Christopher G. – Book review: Vital Statistics: Vital Statistics: a memorial volume of selections from reports and writings, by William Farr, first published in 1885. -
Centenary Assembly 1948
CENTENARY ASSEMBLY 1948 EXHIBITION CATALOGUE A EXHIBITION CATALOGUE INSTITUTE OF ACTUARIES 184.8-1948 EXHIBITION ILLUSTRATING THE HISTORY OF ACTUARIAL SCIENCE IN GREAT BRITAIN WITH SPECIAL REFERENCE TO THE INSTITUTE OF ACTUARIES CATALOGUE INSTITUTE OF ACTUARIES CENTENARY ASSEMBLY, 21st—25th JUNE, 1948 The Exhibition will be held in the Museum and the Council Chamber on the first floor of the Hall of the Chartered Insurance Institute, 20 Aldermanbury, London, E.C.2, and will be open at the following times:— Tuesday, 22nd June, 1948 2 p.m. to 5 p.m. Wednesday, 23rd June, 1948 9.30 a.m. to 12.30 p.m. Thursday, 24th June, 1948 9.30 a.m. to 12.30 p.m. and 2.30 p.m. to 4.30 p.m. Friday, 25th June, 1948 9.30 a.m. to 12.30 p.m. FOREWORD THE EXHIBITION has been arranged in the belief that those present at the Centenary Assembly of the Institute of Actuaries would be interested to have in one view exhibits illustrating the various strands that together make the Institute what she is. The exhibition is not complete : within the available space we can only illustrate the story of the past, but we trust that the exhibition, and this catalogue of it, may serve as some guide to any who may wish to read that story. The exhibition relates primarily to the Institute of Actuaries. An important part of the field is represented by the sister body, the Faculty of Actuaries, which was formed in Edinburgh in 1856. We take this opportunity to thank all those who have lent exhibits, especially Mr. -
1 Babbage Among the Insurers
Babbage among the insurers: big nineteenth-century data and the public interest1 Daniel C.S. Wilson 1.Introduction Towards the end of a long life spent in the collection of mortality data, Thomas Rowe Edmonds (1802-1889) entered his own senescence in ill-health and suddenly feared for his financial provision. Despite having served as actuary of the Legal and General Life Assurance company for twenty-eight years -- a company which had grown rich on the sale of insurance policies to those Victorians with the foresight and good sense to take them out -- its own planner-in-chief seemed not to have taken the very steps in his own life that his firm urged so incessantly upon the public at large. In the course of the nineteenth century, financial services developed significantly with many new specialist roles emerging. But as late as the 1860s, an actuary still provided a uniquely complex function of oversight, with singular responsibility for the health of their company’s finances. After successfully stewarding the Legal and General through three decades of recurring crises in the industry as a whole, Edmonds found himself in the strange position of writing nervously to his employers about one final risk: ‘I hope that I may not be considered unreasonable in asking for some kind of promise that in case of failing health or other unavoidable cause of retirement’, such an ‘injurious’ scenario would not jeopardise the proper ‘allowance or pension bestowed on me in respect of the length of my services as actuary 28 years’ (Edmonds, 1865). The nature of this request for sympathy – for ‘some kind of promise’ – was precisely the kind of awkward personal pleading that insurance, by virtue of its formal contract, was supposed to render unnecessary. -
Governing the Computers: the London Stock Exchange, the Institute of Actuaries and the First Digital Revolution (1808-1875)
Governing the Computers: The London Stock Exchange, the Institute of Actuaries and the First Digital Revolution (1808-1875) Marc Flandreau & Geoffroy Legentilhomme1 February 2019 Abstract: Our paper proposes an economic history of scientific knowledge, focusing on financial mathematics. We show how the traditional tools of institutional and industrial economics can help make sense of the dynamic of knowledge production. We look at the history of actuarial science in the 19th century, which played an important role in the history of capitalism, as it provided the tools to calculate the returns on heteroclite financial instruments, facilitating comparison, trading and in the end, the expansion of the capital market. We explain the development of actuarial science and of the profession of actuary in England as a product of the need to resolve information asymmetries and widespread computational anxieties which was read by contemporaries as a looming tragedy of the commons. This context gave birth to an institution, the Institute of Actuaries, which rapidly imposed itself as the sole provider of legitimate financial calculus. This was done by developing a dual program that involved the production of human “computers” that were equipped with “software” in the shape of algorithms to which use the computers were trained. The final outcome was what we call a “government of calculus”, in the shape of a monopoly over the production and distribution of financial knowledge. The success of the Institute and the economies of scale in knowledge production it could generate in virtue of its dominant position, eventually resulted in significant productivity gains in financial computing but also in imposing new standards such as an early statement of the rational expectations hypothesis. -
Guicciardini N the Development
THE DEVELOPMENT OF NEWTONIAN CALCULUS IN BRITAIN 1700-1800 NICCOLO GUICCIARDINI The right o/the Un;",rsiljl 0/ Cambridge 10 print (lIId sell 011 monner 0/ boob WQS granted by Henry Vlllm ISJ4. T'Iu! Uni~rsi')! Iws printed and published continuously since "84. CAMBRIDGE UNIVERSITY PRESS Cambridge New York Port Chester Melbourne Sydney PUBLISHED BY THE PRESS SYNDICATE OF THE UNIVERSITY OF CAMBRIDGE The Pitt Building, Trumpington Street, Cambridge, United Kingdom CAMBRIDGE UNIVERSITY PRESS The Edinburgh Building, Cambridge CB2 2RU, UK 40 West 20th Street, New York NY 10011-4211, USA 477 Williamstown Road, Port Melbourne, VIC 3207, Australia Ruiz de Alarcon 13,28014 Madrid, Spain Dock House, The Waterfront, Cape Town 800 I, South Africa http://www.cambridge.org © Cambridge University Press 1989 This book is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 1989 First paperback edition 2002 A catalogue record/or this book is available/rom the British Library Library 0/ Congress Cataloguing in Publication data Guicciardini, Niccolo. The development of Newtonian calculus in Britain 1700-1800 I Niccolo Guicciardini. p. cm. Originally presented as the author's thesis (Ph. D.-Council for National Academic Awards, 1987) Bibliography: p. Includes index. ISBN 0521 364663 I. Calculus - Great Britain - History - 18th century. I. Title. QA303.G94 1989 515'.0941'09033-dc20 89-7085 CIP ISBN 0 521 36466 3 hardback ISBN 0521 524849 paperback CONTENTS Introduction vii OVERTURE: NEWTON'S PUBLISHED WORK ON THE CALCULUS OF FLUXIONS I P ART I: THE EARLY PERIOD 9 I THE DIFFUSION OF THE CALCULUS (1700-30) II 1.1 Early initiates' 12 1.2 Textbook writers 13 1.3 The teaching of the calculus in the universities 18 2 DEVELOPMENTS IN THE CALCULUS OF FLUXIONS (1714-33) 28 2. -
Pediatric and Congenital Cardiac Care
Paul R. Barach Je ery P. Jacobs Steven E. Lipshultz Peter C. Laussen Editors Pediatric and Congenital Cardiac Care Volume 1: Outcomes Analysis 123 Pediatric and Congenital Cardiac Care Paul R. Barach • Jeffery P. Jacobs Steven E. Lipshultz • Peter C. Laussen Editors Pediatric and Congenital Cardiac Care Volume 1: Outcomes Analysis Editors Paul R. Barach Steven E. Lipshultz School of Medicine Wayne State University University of Oslo Detroit, MI Oslo USA Norway Peter C. Laussen Jeffery P. Jacobs The Hospital for Sick Children Division of Cardiac Surgery Toronto, ON Department of Surgery Canada Johns Hopkins All Children’s Heart Institute, All Children’s Hospital and Florida Hospital for Children Johns Hopkins University Saint Petersburg, Tampa and Orlando, FL USA Division of Cardiac Surgery Department of Surgery Johns Hopkins University Baltimore, MD USA ISBN 978-1-4471-6586-6 ISBN 978-1-4471-6587-3 (eBook) DOI 10.1007/978-1-4471-6587-3 Springer London Heidelberg New York Dordrecht Library of Congress Control Number: 2014956025 © Springer-Verlag London 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifi cally for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. -
Constructing Vital Statistics: Thomas Rowe Edmonds and William Farr, 1835–1845
John M. Eyler Series: History of epidemiology Department of History of Medicine, University of Minnesota, Minneapolis Constructing vital statistics: Thomas Rowe Edmonds and William Farr, 1835–1845 looking for the places in the professions to which they be- Summary lieved their geniuses entitled them. Edmonds had the ad- vantages a middle class family could provide, including a This paper describes the role of these two English statisticians Cambridge education (Eyler 2002; Driver 1929; Walford in establishing mortality measurements as means of assessing 1873). Farr, on the other hand, was born to impoverished the health of human populations. Key to their innovations was farm labourers who abandoned him to the parish. He was the uses for the law of mortality Edmonds claimed to have able to obtain a piecemeal education and to enter the low- discovered in 1832. In reality he had merely rediscovered a re- est rung of the medical profession through the largeness of lationship between aging and mortality first described mathe- a patron who recognised his intelligence and promise (Eyler matically by Benjamin Gompertz a decade earlier. During the 1979; Humphreys 1883). Both Farr and Edmonds tried to 1830s Edmonds attempted to interest the medical profession in make their way with their pens. By 1835 Edmonds had al- his discovery and to suggest how his discovery could be used to ready published three books and had begun the series of ar- assess health of large communities and to study case fatality ticles for the Lancet that we will consider below. Frustrated and therapy. Using the rich data of the General Register Office with general practice, Farr turned to medical journalism; he William Farr would develop Edmonds’s suggestions to produce helped edit the British Medical Almanack, and co-founded some of the most sophisticated uses of vital statistics in the and edited the short-lived British Annals of Medicine, Phar- 19th century.