STATIONARY PROPERTIES OF EXTREME BONUS-MALUS SYSTEMS FAIR BY TRANSITION RULES
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The purpose of this paper is to present stationary properties of four 'extreme' cases of bonus-malus systems fair by transition rules, characterized by rules of maximum/minimum advancement and maximum/minimum fall in each class. General formulae for the stationary distributions and mean stationary premiums for these systems are derived. Also the first attempt to define the impact of a change in the number of classes on the values of mean stationary premium has been made.
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