Assessment of Loss Ratio Model Performance. A Bayesian Approach

Seminar paper from the year 2017 in the subject Economics - Statistics and Methods, , language: English, abstract: “The model is wrong!” so it is determined. All of the estimated output using the model becomes un-reliable immediately. And so is every other result calculated using the un-reliable output. So what is the impact of the model being “wrong” in the later calculations? To address this que...