Description Usage Arguments Details Author(s) References See Also Examples
Function to plot the residuals of the Clark LDF and Cape Cod methods.
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x |
object resulting from a run of the ClarkLDF or ClarkCapeCod functions. |
... |
not used. |
If Clark's model is appropriate for the actual data, then the standardized residuals should appear as independent standard normal random variables. This function creates four plots of standardized residuals on a single page:
By origin
By age
By fitted value
Normal Q-Q plot with results of Shapiro-Wilk test
If the model is appropriate then there should not appear to be any trend in the standardized residuals or any systematic differences in the spread about the line y = 0. The Shapiro-Wilk p-value shown in the fourth plot gives an indication of how closely the standardized residuals can be considered "draws" from a standard normal random variable.
Daniel Murphy
Clark, David R., "LDF Curve-Fitting and Stochastic Reserving: A Maximum Likelihood Approach", Casualty Actuarial Society Forum, Fall, 2003
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