ACSC 533 Lecture Notes - Lecture 2: Mania, Outlandish, Stock Market Bubble
20 Mar 2018
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Document Summary
The actuarial profession had its origin in great britain circa in the 1700s. The most powerful stimulus to the development of life insurance was the tremendous upsurge in england"s prosperity, especially among the middle classes. The 1700s were a time of exciting new developments, including the beginnings of the. There was a receptiveness to new ideas in this era, especially financial ideas. Even wildly unsound schemes that led to disasters like the south sea bubble attracted huge amounts of money and evidence a willingness to try new kinds of financial ventures. The first person known to make actuarial calculations was dutch prime minister john de. In 1671, he presented a report showing prices at which the dutch government could sell life annuities to raise money for the state. A major step forward occurred around 1693 when edmond halley refined and extended. Graunt"s work by constructing a life table based on data from the city of breslau in.
