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 Riskminimization 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
JeanMarc 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. 79120 
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, 421435 
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, 150 
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. 4262 
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. 101163 
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. 4878
"Pricing Perpetual Options for Jump Processes," NAAJ, July 1998, Vol. 2, No. 3, pp. 101112 
1997 
Edward W. Frees,
Ph.D., FSA
YuehChuan King,
Ph.D.
Marjorie Rosenberg,
Ph.D., FSA
Virginia Young,
Ph.D., FSA
SiuWai Lai,
Ph.D., ASA 
"Forecasting Social Security Actuarial Assumptions," NAAJ, October 1997, Vol. 1, No. 4, pp. 4982 
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. 229261 
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.409446 
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. 195220
"Option Pricing by Esscher Transforms," TSA, Vol. XLVI, 1994, pp. 99140 
1993 
Knut K. Aase 
"Equilibrium in a Reinsurance Syndicate: Existence, Uniqueness and Characterization," ASTIN Bulletin, Vol. 23, no. 2, 1993, pp. 185211
"Premiums in a Dynamic Model of a Reinsurance Market," Scandinavian Actuarial Journal, 1993, pp. 134160 
1992 
James A. Tilley,
Ph.D., FSA 
"An Actuarial Laymen's Guide to Building Stochastic Interest Rate Generators," TSA, Vol. XLIV, 1992, pp. 509538 
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. 73114 
1990 
Edward W. Frees,
Ph.D., FSA 
"Stochastic Life Contingencies with Solvency Considerations," TSA, Vol. XLII, 1990, pp. 91129 
1989 
Hal W. Pederson
Elias S.W. Shiu,
Ph.D., ASA
A. Eric Thorlacius,
FSA

"ArbitageFree Pricing of InterestRate Contingent Claims," TSA, Vol. XLI, 1989, pp. 231265 
1988 
Henrik RamlauHansen 
"The Emergence of Profit in Life Insurance," Insurance: Mathematics and Economics, Vol. 7, 1988, pp. 225236 
1987 
F. Delbaen
J. Haezendonck

"Classical Risk Theory in an Economic Environment," Insurance: Mathematics and Economics, Vol. 6, 1987, pp. 8516 
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. 227309 
1986 
Ragnar Norberg 
"A Contribution to Modeling of INBR Claims," Scandinavian Actuarial Journal, No. 34, 1986, pp. 155203 
1985 
Robert P. Clancy,
FSA 
"Options on Bonds and Applications to Product Pricing," TSA, Vol. XXXVII, 1985, pp. 97151 
1984 
James D. Broffitt,
Ph.D., ASA 
"Maximum Likelihood Alternatives to Actuarial Estimators of Mortality Rates," TSA, Vol. XXXVI, 1984, pp. 77142 
1983 
Anders MartinLof 
"Premium Control in an Insurance System, An Approach Sharing Feedback and Persisting," Scandinavian Actuarial Journal, No. 1, 1983, pp. 127 
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. 285313 
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. 93119 
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. 87130 
1979 
James C. Hickman,
Ph.D., FSA
Robert B. Miller,
Ph.D. 
"Bayesian Bivariate Graduation and Forecasting," ARCH, 1979.3, pp. 99136 
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. 177187. Also ARCH, 1980.1, pp. 1929 
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. 
