SCHAUMBURG, ILL.--Ten authors of scholarly papers have captured the top actuarial research awards given by the Actuarial Education and Research Fund (AERF) and the Society of Actuaries (SOA). Three awards, the SOA's Edward A. Lew Award and its 1997 Annual Prize, and the AERF's James C.H. Anderson Memorial Award, have honored seven research papers written by the 10 recipients.
The Lew award, which recognizes achievement in actuarial modeling research, is being presented for the first time. Winning papers were chosen by the SOA's Committee on Knowledge Extension Research (CKER). The authors will be honored at the SOA Modeling Conference, December 14 and 15, 1998, in Orlando, Fla. and each paper received a cash award of $5,000. Winning papers and authors were:
"Forecasting Social Security Actuarial Assumptions," Edward W. Frees, Fellow of the Society of Actuaries (FSA), Ph.D., professor of business and statistics; Marjorie A. Rosenberg, FSA, Ph.D.; Virginia Young, FSA, Ph.D., assistant professor, School of Business, all of the University of Wisconsin and Siu-Wai Lai, Associate of the Society of Actuaries (ASA) formerly of the University of Wisconsin, now with First Data/ACTI, Rockville, Md.
"Understanding Relationships Using Copulas," Edward W. Frees and Emiliano Valdez, FSA, Ph.D., University of Wisconsin
"A Longitudinal Data Analysis Interpretation of Credibility Models," Edward W. Frees, Virginia Young, and Yu Luo, ASA, all of the University of Wisconsin
The Annual Prize honors authors of the best paper published in the SOA's North American Actuarial Journal, a prize awarded only if the editorial staff deems one is merited during each calendar year. For 1997, the $500 prize was awarded to two authors: Phelim P. Boyle, Ph.D., Fellow of the Canadian Institute of Actuaries, director of the
'97 Actuarial Research Awards
Center for Advanced Studies in Finance, University of Waterloo; and Sheldon Lin, ASA, Ph.D., and associate professor, Department of Statistics and Actuarial Science, University of Iowa, for their paper, "Optimal Portfolio Selection with Transaction Costs" appearing in the April 1997 issue of the journal.
This is the first year the Anderson prize has been given. It honors papers addressing a different topic each year. The first Anderson prize honored papers addressing "innovative approaches to significant problems created by genetic testing." Honorable mention awards of $5,000 each were given for three papers:
"Should the Law Restrict Insurers' Use of Genetic Information? A Guide to Public Policy," Mark A. Hall, J.D., professor of law and public health, Wake Forest University School of Medicine
"Effective Underwriting in the Genetic Testing Era," Robert J. Johansen, FSA, consulting actuary
"Modeling the Impact of Genetics on Insurance," Angus S. Macdonald, Ph.D. and Fellow of the Faculty of Actuaries, senior lecturer in the Department of Actuarial Mathematics and Statistics, Heriot-Watt University, Edinburgh
The Anderson prize honors James C. H. Anderson for his contributions to the actuarial profession. Anderson is recognized as the builder of the former Tillinghast actuarial firm from two offices into an international consulting firm with 28 offices in seven countries. The firm has since merged with Towers Perrin to become Tillinghast-Towers Perrin. Anderson was also known as an innovative thinker and pioneer in new products and systems.
The AERF carries out research and education projects in the field of actuarial science on behalf of the actuarial profession and its sponsoring organizations.
The SOA is an educational, research and professional membership organization for actuaries practicing in life and health insurance, investments, pensions, and employee benefits. Its members total more than 16,500 in Canada and the United States.