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What was fair in actuarial fairness?

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dc.contributor.authorHeras Martínez, Antonio José
dc.contributor.authorPradier, Pierre Charles
dc.contributor.authorTeira Serrano, David
dc.date.accessioned2024-05-21T12:53:24Z
dc.date.available2024-05-21T12:53:24Z
dc.date.issued2019-06-06
dc.description.abstractIn actuarial parlance, the price of an insurance policy is considered fair if customers bearing the same risks are charged the same price. The estimate of this fair amount hinges on the expected value obtained weighting the different claims by their probability. We claim that, historically, this concept of actuarial fairness originates in an Aristotelian principle of justice in exchange (equality in risk). We will examine how this principle was formalized in the 16th century and shaped in life insurance during the next two hundred years, in two different interpretations. The Domatian account of actuarial fairness relies on subjective uncertainty: an agreement on risk is fair if both parties are equally ignorant about the chances of an uncertain event. The objectivist version grounds any agreement on an objective risk estimate drawn from a mortality table. We will show how the objectivist approach collapsed in the market for life annuities during the 18th century, leaving open the question of why we still speak of actuarial fairness as if it were an objective expected value.en
dc.description.versionversión final
dc.identifier.urihttps://hdl.handle.net/20.500.14468/19449
dc.journal.titleHistory of the Human Sciences
dc.language.isoen
dc.relation.centerFacultad de Filosofía
dc.relation.departmentLógica, Historia y Filosofía de la Ciencia
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0
dc.subject.keywordsactuarial fairness
dc.subject.keywordsannuity
dc.subject.keywordslife insurance
dc.subject.keywordsmathematical expectation
dc.titleWhat was fair in actuarial fairness?es
dc.typejournal articleen
dc.typeartículoes
dspace.entity.typePublication
relation.isAuthorOfPublicationad2bda75-c33c-48e1-aad8-c7eb3cfc04cb
relation.isAuthorOfPublication.latestForDiscoveryad2bda75-c33c-48e1-aad8-c7eb3cfc04cb
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