Assistant Prof Andrew Smith of UCD School of Mathematics and Statistics has been awarded the Peter Clark prize for his joint paper "Ersatz Model Tests".
 
The prize is granted by the Institute and Faculty of Actuaries for the best paper written by members of the profession and presented or published for an actuarial audience.
 
The work applies the concepts of prediction intervals and coverage probabilities to questions of bank and insurer solvency, and shows how Monte Carlo methods can be used to test some of the models in use. 
 
Presenting the award, Marjorie Ngwenya, President of the Institute and Faculty of Actuaries, said "The Awards Committee thought your paper was easy to read with important ideas expressed well. The committee also thought the issues considered in this paper could form the basis of future substantial work in this area."