Compare and Contrast Between Actuarial Vs

question 92

Essay

Compare and contrast between actuarial vs.clinical prediction.Include advantages and disadvantages for each.Based on discussion in class,analogy from other concepts in the Chapter,and/or your own creative problem solving abilities,try to identify a compromise between these approaches and/or a solution for the practitioner that reaps the best of both approaches.

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Definitions:

Marginalism

The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.

Industrial Revolution

The period in England during the late eighteenth and early nineteenth centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities.

Great Migration

The movement of over six million African Americans from the rural Southern United States to urban areas in the North and West from about 1916 to 1970, seeking better job opportunities and living conditions.

Wealth Of Nations

A seminal book by Adam Smith that analyses the nature and causes of the wealth of nations, laying the foundations of classical economics.