<!--
.. title: Hassett, chapter 1: Probability is a tool for risk management.
.. date: 2025-06-19 Thu 10:31 UTC-05:00
.. description: notes on Hassett and Stewart, chapter 1
.. type: text
.. has_math: true
-->

{{% hassett_navigation %}}

[TOC]

<!-- [2025-06-19 Thu 10:32] -->
<!-- [2025-06-19 Thu 10:44]: a short chapter. -->
# 1.1 Who uses probability?
# 1.2 An example from insurance

It's a premium calculation, followed by caveats.

# 1.3 Probability and statistics

# 1.4 Some history

Cardano, 1500s; Pascal-Fermat correspondence, 1654.  Compare Newton
and Leibniz inventing calculus in 1660s.  Many modern distributions
developed in twentieth century.

Actuarial life contingencies published 1771, but modern stochastic
models introduced in 1970s.

A young branch of mathematics.

# 1.5 Computing technology