From Calculus To Chaos An Introduction To Dynamics David Acheson

From Calculus to Chaos

What is calculus really for? This book is a highly readable introduction to applications of calculus, from Newton's time to the present day. These often involve questions of dynamics, i.e. of how - and why - things change with time. Problems of this kind lie at the heart of much of applied mathematics, physics, and engineering. From Calculus to Chaos takes a fresh approach to the subject as a whole, by moving from first steps to the frontiers, and by highlighting only the most important and interesting ideas, which can get lost amid a snowstorm of detail in conventional texts. The book is aimed at a wide readership, and assumes only some knowledge of elementary calculus. There are exercises (with full solutions) and simple but powerful computer programs which are suitable even for readers with no previous computing experience. David Acheson's book will inspire new students by providing a foretaste of more advanced mathematics and showing just how interesting the subject can be.

From Calculus to Chaos ...

Modelling Longevity Dynamics for Pensions and Annuity Business

Mortality improvements, uncertainty in future mortality trends and the relevant impact on life annuities and pension plans constitute important topics in the field of actuarial mathematics and life insurance techniques. In particular, actuarial calculations concerning pensions, life annuities and other living benefits (provided, for example, by long-term care insurance products and whole life sickness covers) are based on survival probabilities which necessarily extend over a long time horizon. In order to avoid underestimation of the related liabilities, the insurance company (or the pension plan) must adopt an appropriate forecast of future mortality. Great attention is currently being devoted to the management of life annuity portfolios, both from a theoretical and a practical point of view, because of the growing importance of annuity benefits paid by private pension schemes. In particular, the progressive shift from defined benefit to defined contribution pension schemes has increased the interest in life annuities with a guaranteed annual amount. This book provides a comprehensive and detailed description of methods for projecting mortality, and an extensive introduction to some important issues concerning longevity risk in the area of life annuities and pension benefits. It relies on research work carried out by the authors, as well as on a wide teaching experience and in CPD (Continuing Professional Development) initiatives. The following topics are dealt with: life annuities in the framework of post-retirement income strategies; the basic mortality model; recent mortality trends that have been experienced; general features of projection models; discussion of stochastic projection models, with numerical illustrations; measuring and managing longevity risk.