David Garrick Halmstad Prize

The David Garrick Halmstad Prize is given annually for the best published paper on actuarial research. A committee of the Society of Actuaries' Education and Research Section examines major English language actuarial journals, nominates outstanding papers, reviews the selected articles and votes for the best paper. The results of these proceedings are submitted to the Research Committee of The Actuarial Foundation for ratification. This award follows the year of publication rather than the actual calendar year.

2011 David Garrick Halmstad Prize Honorees

The 2011 David Garrick Halmstad Prize was awarded to the authors of two papers published in 2008: On Systematic Mortality Risk and Risk-minimization with Survivor Swaps by Mikkel Dahl, Martin Teilmann Melchior and Thomas Møller; and Hierarchical Insurance Claims Modeling by Edward W. Frees and Emiliano A. Valdez.

Past David Garrick Halmstad Prize Honorees

Publication Year	Author(s)	Title/Reference
2007	Philippe Artzner Freddy Delbaen Jean-Marc Eber David Heath Hyejin Ku	"Coherent Multiperiod Risk Adjusted Values and Bellman’s Principle"
2006	David Blake, PhD, BSC, MSC Andrew J.G. Cairns, MSC Kevin Dowd, PhD	“Pricing Death: Frameworks for the Valuation and Securitization of Mortality Risk” Published in Astin Bulletin, Vol. 36, no1, 2006, pp. 79-120
2005	Geoffrey H. Hancock John Manistre	Variance of the CTE Estimator
2004	Leslaw Gajek Dariusz Zagrodny	“Reinsurance Arrangements Maximizing Insurer’s Survival Probability,” Journal of Risk and Insurance, Vol. 71, 421-435
2003	A. S. Macdonald, BSc, PhD, FFA H. R. Waters, DPhil, FIA, FFA - C. T.Wekwete, BSc,MSc, PhD	"The Genetics of Breast and Ovarian Cancer I: A Model of Family History" "The Genetics of Breast and Ovarian Cancer II: A Model of Critical Illness Insurance," Scandinavian Actuarial Journal, 1-50
2002	Dr. Thomas Moller	“On Valuation and Risk Management at the Interface of Insurance and Finance,” British Actuarial Journal, 8, IV, pp. 787–827
2001	Dr. Martin Schweizer	“From Actuarial to Financial Valuation Principles,” Insurance: Mathematics and Economics, 2001, Volume 28, Issue 1, pp. 31–47
2000	Hans U. Gerber, Ph.D., ASA Elias S.W. Shiu, Ph.D., ASA	"Investing for Retirement: Optimal Capital Growth and Dynamic Asset Allocation," NAAJ, April 2000, Vol. 4, No. 1, pp. 42-62
1999	Uwe Schmock	"Estimating the Value of the Wincat Coupons of the Winterthur Insurance Convertible Bond: A Study of the Model Risk," ASTIN Bulletin, Vol. 29, No. 1, 1999, pp. 101-163
1998	Hans U. Gerber, Ph.D., ASA Elias S. W. Shiu, Ph.D., ASA	"On the Time Value of Ruin," NAAJ, January 1998, Vol. 2, No.1, pp. 48-78 "Pricing Perpetual Options for Jump Processes," NAAJ, July 1998, Vol. 2, No. 3, pp. 101-112
1997	Edward W. Frees, Ph.D., FSA Yueh-Chuan King, Ph.D. Marjorie Rosenberg, Ph.D., FSA Virginia Young, Ph.D., FSA Siu-Wai Lai, Ph.D., ASA	"Forecasting Social Security Actuarial Assumptions," NAAJ, October 1997, Vol. 1, No. 4, pp. 49-82
1996	Edward W. Frees, Ph.D., FSA Jacques Carriere, Ph.D., FSA Emiliano Valdez, Ph.D., FSA	"Annuity Valuation with Dependent and Mortality," Journal of Risk and Insurance, June 1996, Vol. 63, No. 2, pp. 229-261
1995	Gregory C. Taylor, Ph.D., FIA., FIAA.	"An Equilibrium Model of Insurance Pricing and Capitalization," Journal of Risk and Insurance, Sept 1995, Vol. 62, No. 3, pp.409-446
1994	Hans U. Gerber, Ph.D., ASA Elias S. W. Shiu, Ph.D., ASA	"Martingale Approach to Pricing Perpetual American Options," ASTIN Bulletin, Vol. 24, 1994, pp. 195-220 "Option Pricing by Esscher Transforms," TSA, Vol. XLVI, 1994, pp. 99-140
1993	Knut K. Aase	"Equilibrium in a Reinsurance Syndicate: Existence, Uniqueness and Characterization," ASTIN Bulletin, Vol. 23, no. 2, 1993, pp. 185-211 "Premiums in a Dynamic Model of a Reinsurance Market," Scandinavian Actuarial Journal, 1993, pp. 134-160
1992	James A. Tilley, Ph.D., FSA	"An Actuarial Laymen's Guide to Building Stochastic Interest Rate Generators," TSA, Vol. XLIV, 1992, pp. 509-538
1991	Patrick L. Brockett, Ph.D.	"Information Theoretic Approach to Actuarial Science: A Unification and Extension of Relevant Theory and Application," TSA, Vol. XLIII, 1991, pp. 73-114
1990	Edward W. Frees, Ph.D., FSA	"Stochastic Life Contingencies with Solvency Considerations," TSA, Vol. XLII, 1990, pp. 91-129
1989	Hal W. Pederson Elias S.W. Shiu, Ph.D., ASA A. Eric Thorlacius, FSA	"Arbitage-Free Pricing of Interest-Rate Contingent Claims," TSA, Vol. XLI, 1989, pp. 231-265
1988	Henrik Ramlau-Hansen	"The Emergence of Profit in Life Insurance," Insurance: Mathematics and Economics, Vol. 7, 1988, pp. 225-236
1987	F. Delbaen J. Haezendonck	"Classical Risk Theory in an Economic Environment," Insurance: Mathematics and Economics, Vol. 6, 1987, pp. 85-16
	C.D. Daykin G.D. Bernstein S.M. Coutts E.R.F. Devitt, G.B. Hey D.I.W. Reynolds P.D. Smith	"Assessing the Solvency and Financial Strength of a General Insurance Company," Journal of the Institute of Actuaries, Vol. 114, Pt. 2, 1987, pp. 227-309
1986	Ragnar Norberg	"A Contribution to Modeling of INBR Claims," Scandinavian Actuarial Journal, No. 3-4, 1986, pp. 155-203
1985	Robert P. Clancy, FSA	"Options on Bonds and Applications to Product Pricing," TSA, Vol. XXXVII, 1985, pp. 97-151
1984	James D. Broffitt, Ph.D., ASA	"Maximum Likelihood Alternatives to Actuarial Estimators of Mortality Rates," TSA, Vol. XXXVI, 1984, pp. 77-142
1983	Anders Martin-Lof	"Premium Control in an Insurance System, An Approach Sharing Feedback and Persisting," Scandinavian Actuarial Journal, No. 1, 1983, pp. 1-27
1982	L.A. Balzer, Ph.D.	"Control of Insurance Systems with Delayed Profit/Loss Sharing Feedback and Persisting Unpredicted Claims," Journal of the Institute of Actuaries, Vol. 109, 1982, pp. 285-313
1981	Newton L. Bowers, Jr., FSA James C. Hickman, Ph.D., FSA Cecil J. Nesbitt, Ph.D., FSA	"Dynamics of Pension Funding: Contribution Theory," TSA, Vol. XXXI, 1979, pp. 93-119
1980	William S. Jewell, Ph.D	"Models in Insurance: Paradigms, Puzzles, Communications, and Revolutions," Transactions, 21st International Congress of Actuaries, Zurich, June 19, 1980, Vol. S, pp. 87-130
1979	James C. Hickman, Ph.D., FSA Robert B. Miller, Ph.D.	"Bayesian Bivariate Graduation and Forecasting," ARCH, 1979.3, pp. 99-136
1978	Phelim P. Boyle, Ph.D., FCIA	"Immunization Under Stochastic Models of the Term Structure," Journal of the Institute of Actuaries, Vol. 105, Pt. II, 1978, pp. 177-187. Also ARCH, 1980.1, pp. 19-29

About David Garrick Halmstad

David Garrick Halmstad was an Associate of the Society of Actuaries who made significant contributions to actuarial science and research. Funds for the David Garrick Halmstad Prize prize were contributed in Mr. Halmstad's memory by his friends and colleagues. The Actuarial Foundation continues to support the prize in his memory through the James C. H. Anderson Memorial Fund.