In the years since the publication of the best-selling first edition, the incorporation of ideas and theories from the rapidly growing field of financial economics has precipitated considerable development of thinking in the actuarial profession. Modern Actuarial Theory and Practice, Second Edition integrates those changes and presents an up-to-date, comprehensive overview of UK and international actuarial theory, practice and modeling. It describes all of the traditional areas of actuarial activity, but in a manner that highlights the fundamental principles of actuarial theory and practice as well as their economic, financial, and statistical foundations.

Explaining crime by reference to abnormalities of the brain is just one example of how the human and social sciences have influenced the approach to social problems in Western societies since 1880. Focusing on applications such as penal policy, therapy, and marketing, this volume examines how these sciences have become embedded in society.