File Download

There are no files associated with this item.

  Links for fulltext
     (May Require Subscription)
Supplementary

Article: Actuarial assessment of damages in personal injury litigation: How precise are we?

TitleActuarial assessment of damages in personal injury litigation: How precise are we?
Authors
KeywordsInterest rate risk
Longevity risk
Multipliers
Ogden tables
Stochastic modelling
Issue Date2012
PublisherOxford University Press. The Journal's web site is located at http://lpr.oxfordjournals.org/
Citation
Law, Probability And Risk, 2012, v. 11 n. 1, p. 25-39 How to Cite?
Abstract
In personal injury litigation, claimants may seek their compensation for future losses or expenses as a lump sum that is determined by the product of a multiplicand and a multiplier. The multiplicand represents the annual loss in earnings and other benefits, as assessed at the trial date, while the multiplier discounts future pecuniary values into a single present-day lump sum amount. At present, multipliers in the UK are calculated using actuarial methods and based on assumed mortality and interest rates. However, it is entirely possible that these assumptions are incorrect, and if they are, then all claimants who rely on the same set of actuarial multipliers will be affected. In this article, we investigate how the uncertainty surrounding mortality and interest rate assumptions affects the precision of actuarial multipliers. With the aid of stochastic models, we estimate the possible range of values that an actuarial multiplier can take. © The Author 2011. Published by Oxford University Press. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/146431
ISSN
References

 

Author Affiliations
  1. The University of Hong Kong
  2. University of Waterloo
  3. Chinese University of Hong Kong
DC FieldValueLanguage
dc.contributor.authorChan, FWHen_HK
dc.contributor.authorChan, WSen_HK
dc.contributor.authorLi, JSHen_HK
dc.date.accessioned2012-04-24T07:53:49Z-
dc.date.available2012-04-24T07:53:49Z-
dc.date.issued2012en_HK
dc.identifier.citationLaw, Probability And Risk, 2012, v. 11 n. 1, p. 25-39en_HK
dc.identifier.issn1470-8396en_HK
dc.identifier.urihttp://hdl.handle.net/10722/146431-
dc.description.abstractIn personal injury litigation, claimants may seek their compensation for future losses or expenses as a lump sum that is determined by the product of a multiplicand and a multiplier. The multiplicand represents the annual loss in earnings and other benefits, as assessed at the trial date, while the multiplier discounts future pecuniary values into a single present-day lump sum amount. At present, multipliers in the UK are calculated using actuarial methods and based on assumed mortality and interest rates. However, it is entirely possible that these assumptions are incorrect, and if they are, then all claimants who rely on the same set of actuarial multipliers will be affected. In this article, we investigate how the uncertainty surrounding mortality and interest rate assumptions affects the precision of actuarial multipliers. With the aid of stochastic models, we estimate the possible range of values that an actuarial multiplier can take. © The Author 2011. Published by Oxford University Press. All rights reserved.en_HK
dc.languageengen_US
dc.publisherOxford University Press. The Journal's web site is located at http://lpr.oxfordjournals.org/en_HK
dc.relation.ispartofLaw, Probability and Risken_HK
dc.rightsPre-print: Journal Title] ©: [year] [owner as specified on the article] Published by Oxford University Press [on behalf of xxxxxx]. All rights reserved. Pre-print (Once an article is published, preprint notice should be amended to): This is an electronic version of an article published in [include the complete citation information for the final version of the Article as published in the print edition of the Journal.] Post-print: This is a pre-copy-editing, author-produced PDF of an article accepted for publication in [insert journal title] following peer review. The definitive publisher-authenticated version [insert complete citation information here] is available online at: xxxxxxx [insert URL that the author will receive upon publication here].en_US
dc.subjectInterest rate risken_HK
dc.subjectLongevity risken_HK
dc.subjectMultipliersen_HK
dc.subjectOgden tablesen_HK
dc.subjectStochastic modellingen_HK
dc.titleActuarial assessment of damages in personal injury litigation: How precise are we?en_HK
dc.typeArticleen_HK
dc.identifier.emailChan, FWH: fwhchan@hku.hken_HK
dc.identifier.authorityChan, FWH=rp01280en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1093/lpr/mgr021en_HK
dc.identifier.scopuseid_2-s2.0-84863339917en_HK
dc.identifier.hkuros199136en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84863339917&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume11en_HK
dc.identifier.issue1en_HK
dc.identifier.spage25en_HK
dc.identifier.epage39en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridChan, FWH=16174337300en_HK
dc.identifier.scopusauthoridChan, W=7403918160en_HK
dc.identifier.scopusauthoridLi, JSH=36055350400en_HK

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats