Open Access10.1017/S106015031800075X
Materiality
195
TL;DR: In this paper , the authors distinguish between the material assumptions that need to be accurately quantified, and the assumptions that are immaterial and can be quickly estimated using sensitivity testing (SAT).
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Abstract: An actuary generally will not have the time to quantify all the assumptions in a model. An important aspect of modeling is to distinguish between the material (important) assumptions that need to be accurately quantified, and the assumptions that are immaterial and can be quickly estimated. The knowledge of which assumptions are material can often be obtained through sensitivity testing. In short, sensitivity testing involves changing an assumption and measuring the effect of the change on the model’s result. If a small change in the assumption causes a large change in the result, then the assumption is likely material.
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References
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