IIRC, the book gives it as a much more direct meaning: the original actuaries were forced by Teddy Roosevelt or someone’s programs to quickly come up with policies for things that had never been covered before and so could not be given clear frequentist justifications, so they used Bayesian methods.
IIRC, the book gives it as a much more direct meaning: the original actuaries were forced by Teddy Roosevelt or someone’s programs to quickly come up with policies for things that had never been covered before and so could not be given clear frequentist justifications, so they used Bayesian methods.