Patrick Brockett
Professor
Department: Information, Risk & Operations Management
Additional Titles: Gus S. Wortham Chair in Risk Management and Insurance Director
Industry Areas: Business Management, Insurance
Research Areas: Information Systems, Risk Management, Statistical Analysis
Patrick L. Brockett holds the Gus Wortham Chair in Risk Management and Insurance, with joint professor appointments in the departments of Finance; Mathematics; and Information, Risk, and Operations Management.
He is a fellow of the American Association for the Advancement of Science, the Institute of Mathematical Statistics, the American Statistical Association, the Royal Statistical Society, and the Institute for Risk Management. An elected member of the International Statistical Institute, Brockett is also a life member of the International Actuarial Association.
He served as editor of The Journal of Risk and Insurance for nine years, and he has served on the board of directors and as president of the American Risk and Insurance Association. Currently he is a co-editor of the North American Actuarial Journal after serving for nine years as editor.
His articles have won awards from the American Risk and Insurance Association, the American Statistical Association, the Society of Actuaries, the International Insurance Society, the Casualty Actuarial Society, the National Association of Insurance Commissioners, as well as the Faculty of Actuaries of Scotland and Institute of Actuaries in England.
Among authors of articles published in the top-tier Journal of Risk and Insurance from 1989 to 2010, based on the number of citations to these articles from 1989 to 2014, he ranked No. 3 in the world in terms of number of citations by JRI articles, and No. 3 among all JRI authors in the world in terms of the number of non-insurance journal citations received.
In a 2013 article about the most prolific contributors to the world’s three most elite journals in risk management and insurance during the previous 10 years, weighted by their impact factor, he ranked No. 1 in the world.
Recent research awards include the Best 2018 North American Actuarial Journal Article Award from the Society of Actuaries, the 2017 Spencer L. Kimball Prize from the National Association of Insurance Commissioners, and the 2016 Best North American Actuarial Journal Article Award from the Society of Actuaries.
Brockett received a B.A. from California State University, Long Beach, and M.A. and Ph.D. degrees from the University of California, Irvine, all in mathematics.
ACADEMIC LEADERSHIP & AWARDS
2023 |
Professional Awards Member, National Academy of Social Insurance |
2000 |
International Brian Hey Competition by Institute of Actuaries in England and Scottish Faculty of Actuaries, Second Prize
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1993 |
Halmsted Prize for Most Outstanding English Language Publication in Actuarial Science presented by Society of Actuaries
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1992 |
Award for Most Outstanding Statistical Application Article Published in any Journal, in any Field, and in any Language
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1995 |
Teaching Awards Outstanding Graduate Teacher Award by UT at Austin
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Patrick L. Brockett. April 2023. In Memoriam: Ken Seng Tan and His Contributions to Actuarial Science, Finance, and Agricultural Insurance. North American Actuarial Journal 27(2): 209-210.
Theresa A. Kirchner, Linda L. Golden, and Pat L. Brockett. Nov. 2022. Improving Arts Management/Marketing Efficiency: Optimizing Utilization of Scarce Resources to Produce Artistic Outputs. Arts and the Market 12(3): 181-196.
Patrick Brockett, Linda Golden, Pengyu Wei, and Charles Yang. Medicare Advantage, Medical Loss Ratio, Service Efficiency, and Efficiently Positive Health Outcomes. North American Actuarial Journal. Forthcoming.
Linda L. Golden, Danae Manika, and Patrick L. Brockett. The Importance of Personally Relevant Knowledge for Pandemic Risk Prevention Behavior: A Multi-method Analysis and Two Countries Validation. Health Marketing Quarterly, forthcoming.
Patrick L. Brockett, Linda L. Golden, Charles C. Yang, and David H. Young. 2021. Medicaid Managed Care: Efficiency, Medical Loss Ratio, and Quality of Care. North American Actuarial Journal 25(1), 1-16.
Linda L. Golden, Patrick L. Brockett, Montserrat Guillen, and Danae Manika. 2020. aPRIDIT Unsupervised Classification with Asymmetric Valuation of Variable Discriminatory Worth. Multivariate Behavior Research 55(5), 685-703.
Yuxin Zhang and Patrick L. Brockett. 2020. Modeling Stochastic Mortality for Joint Lives through Subordinators. Insurance: Mathematics & Economics 95, 166-172.
Patrick L. Brockett, Linda L. Golden, Stephan Zaparolli, and Jack Lum. 2019. Kidnap and Ransom Insurance: A Strategically Useful, Often Undiscussed, Marketplace Tool for International Operations. Risk Management and Insurance Review 22(4), 421-440.
Patrick L. Brockett, Linda L. Golden, and Charles C. Yang. 2018. Potential “Savings” of Medicare: The Analysis of Medicare Advantage and Accountable Care Organizations. North American Actuarial Journal 22(3), 458-472.
Jing Ai, Patrick L. Brockett, Linda L. Golden, and Wei Zhu. 2017. Health State Transitions and Longevity Effects on Retirees' Optimal Annuitization. Journal of Risk and Insurance 84, 319-343.
Richard MacMinn and Patrick L. Brockett. 2017. On the Failure (Success) of the Markets for Longevity Risk Transfer. Journal of Risk and Insurance 84, 299-317.
Jing Ai, Patrick L. Brockett, and Tianyang Wang. 2017. Optimal Enterprise Risk Management and Decision Making With Shared and Dependent Risks. Journal of Risk and Insurance 84(4), 1127-1169.
Jing Ai, Patrick L. Brockett, and Allen F. Jacobson. 2015. A New Defined Benefit Pension Risk Measurement Methodology. Insurance: Mathematics and Economics 63, 40-51.
Jing Ai, Patrick L. Brockett, Linda L. Golden, and Montserrat Guillen. 2013. A Robust Unsupervised Method for Fraud Rate Estimation. Journal of Risk and Insurance 80(1), 121-143.
Patrick L. Brockett, Shuo-li Chuang, Yinglu Deng, and Richard D. MacMinn. 2013. Incorporating Longevity Risk and Medical Information Into Life Settlement Pricing. Journal of Risk and Insurance 80(3), 799-826.
Daniel Mitchell, Patrick L. Brockett, Rafael Mendoza-Arriaga, and Kumar Muthuraman. 2013. Modeling and Forecasting Mortality Rates. Insurance: Mathematics and Economics 52(2), 275-285.
Jing Ai, Patrick L. Brockett, William W. Cooper, and Linda L. Golden. 2012. Enterprise Risk Management Through Strategic Allocation of Capital. Journal of Risk and Insurance 79 (1), 29-56.
Deng Yinglu, Patrick L. Brockett, and Richard D. MacMinn. 2012. Longevity / Mortality Risk Modeling and Securities Pricing. Journal of Risk and Insurance 79(3), 697-721.
William W. Cooper, Patrick L. Brockett, and Linda L. Golden. 2011. Efficiency in Fundraising and Distributions to Cause-Related Social Profit Enterprises. Socio Economic Planning Sciences 45(1), 1-9.
Soon Koo Hong, Keun Ock Lew, Richard MacMinn, and Patrick L. Brockett. 2011. Mossin's Theorem Given Random Initial Wealth. Journal of Risk and Insurance 78(2), 309-324.
Jing Ai, Patrick L. Brockett, William W. Cooper, and Linda L. Golden. 2009. An Optimization Approach to Enterprise Risk Management. Asia-Pacific Risk and Insurance Association Annual Meeting.
Jing Ai, Patrick L. Brockett, and Linda L. Golden. 2009. Assessing Consumer Fraud Risk in Insurance Claims: An Unsupervised Learning Technique Using Discrete and Continuous Predictor Variables. North American Actuarial Journal 13,4, 438-458.
Charles Yang, Patrick L. Brockett, and Wen Min-Ming. 2009. Basis risk and hedging efficiency of weather derivatives. Journal of Risk Finance10(5), 517-536.
Jing Ai, Patrick L. Brockett, William W. Cooper, and Linda L. Golden. 2009. On the Development of A Fraud Estimation Method. Asia-Pacific Risk and Insurance Association Annual Meeting.
Patrick L. Brockett, Linda L. Golden, Ming Wen, and Chuanhou Yang. 2009. Pricing Weather Derivatives Using the Indifference Approach. North American Actuarial Journal 13,3, 303-315.
Patrick L. Brockett, William W. Cooper, Linda L. Golden, Kumbhakar, Subal C., Kwinn, Michael J., Layton, Brian, and Parker, Barnett R. 2008. Estimating Elasticities with Frontier and other Regressions in Evaluating Two Advertising Strategies for US Army Recruiting. Socio-Economic Planning Sciences 42, 1-17.
Patrick L. Brockett, Linda L. Golden, Montserrat Guillen, Jens Perch Nielsen, Jan Parner, and Ana Maria Perez-Marin. 2008. Survival Analysis of a Household Portfolio of Insurance Policies: How Much Time Do You Have to Stop Total Customer Defection? Journal of Risk and Insurance 75, 713-737.
Patrick L. Brockett and Linda L. Golden. 2007. Biological and Psychobehavioral Correlates of Credit Scores and Automobile Insurance Losses: Toward an Explication of Why Credit Scoring Works. Journal of Risk and Insurance 74, 23-63.
Patrick L. Brockett, Linda L. Golden, Jang, Jaeho, and Yang, Chuanhou. 2006. A Comparison of Neural Network, Statistical Methods, and Variable Choice for Life Insurers' Financial Distress Prediction. Journal of Risk and Insurance 73, 397-419.
Patrick L. Brockett, Chuanhou Yang, Hong Zou, and Wang, Mulong. 2006. Portfolio Effects and Valuation of Weather Derivatives. Financial Review 41, 55-76.
Patrick L. Brockett, William W. Cooper, Leon S. Lasdon, and Barnett R. Parker. 2005. A note extending Grosskopf, Hayes, Taylor and Weber, “Anticipating the consequences of school reform: A new use of DEA”. Socio-Economic Planning Sciences 39, 351-359.
Patrick L. Brockett, William W. Cooper, Linda L. Golden, John J. Rousseau, and Yuying Wang. 2005. Financial Intermediary Versus Production Approach to Efficiency of Marketing Distribution Systems and Organizational Structure of Insurance Companies. Journal of Risk and Insurance72, 393-412.
Patrick L. Brockett, William W. Cooper, Honghui Deng, Linda L. Golden, and Timothy W. Ruefli. 2005. Using DEA to Identify and Manage Congestion. Journal of Productivity Analysis 22(3), 207-226.
Patrick L. Brockett, Mulong Wang, and Chuanhou Yang. 2005. Weather Derivatives and Weather Risk Management. Risk Management and Insurance Review 8, 127-140.
Anitesh Barua, Patrick L. Brockett, William W. Cooper, Honghui Deng, Barnett R. Parker, Timothy W. Ruefli, and Andrew B. Whinston. 2004. DEA Evaluations of Long- and Short-run Efficiencies of Digital Vs. Physical Product “dot Com” Companies. Socio-Economic Planning Sciences 38, 233-253.
Patrick L. Brockett and Pat M. Arnold. 2004. Deregulation, Pricing, and Availability Issues: In the Texas Homeowners' Insurance Market. Texas Public Policy Foundation: Research Report, 36p.
Patrick L. Brockett, William W. Cooper, Linda L. Golden, John J. Rousseau, and Yuying Wang. 2004. Evaluating Solvency Versus Efficiency Performance and Different Forms of Organization and Marketing in US Property––liability Insurance Companies. European Journal of Operational Research 154, 492-514.
Patrick L. Brockett, Ray E. Chang, John J. Rousseau, Chuanhou Yang, and John H. Semple. 2004. The Impact of Provider Autonomy on HMO Efficiency. Journal of Risk and Insurance 71, 1-19.
J. Bruce Kellison and Patrick L. Brockett. 2003. Check the Score. Texas Business Review, 1-5.
Patrick L. Brockett, William W. Cooper, Honghui Deng, Linda L. Golden, Michael J. Kwinn, and David Thomas. 2002. An Analysis of the Efficiency of Joint Service Advertising Versus Service Specific Advertising for Recruiting Success. Military Operations Research Journal 7, 57-76.
Patrick L. Brockett, Richard A. Derrig, Linda L. Golden, Arnold Levine, and Mark I. Alpert. 2002. Fraud Classification Using Principal Component Analysis of RIDITs. The Journal of Risk and Insurance 69, 341-371.
Patrick L. Brockett, Linda L. Golden, Shikhar Sarin, and James Gerberman. 2001. The Identification of Target Firms and Functional Areas for Strategic Benchmarking. The Engineering Economist 46, 274-299.
Gene C. Lai, Robert C. Witt, Hung-Gay Fung, Richard D. MacMinn, and Patrick L. Brockett. 2000. Great (and Not So Great) Expectations: An Endogenous Economic Explication of Insurance Cycles and Liability Crises. Journal of Risk and Insurance 67, 617-652.
Patrick L. Brockett and Hwei-Mei Chen. 1999. A new stochastically flexible event methodology with application to Proposition 103. Insurance: Mathematics and Economics 25, 197-217.
Patrick L. Brockett, William W. Cooper, Linda L. Golden, John J. Rousseau, and Yuying Yang. 1998. DEA Evaluations of the Efficiency of Organizational Forms and Distribution Systems in the U.S. Property and Liability Insurance Industry. International Journal of Systems Science29, 1235-1247.
Utai Pitaktong, Patrick L. Brockett, John R. Mote, and John J. Rousseau. 1998. Identification of Pareto-Efficient Facets in Data Envelopment Analysis. Journal of Operational Research 109, 559-570.
Patrick L. Brockett. 1998. Technological Change and Its Impact on Risk Creation and Management. International Risk and Insurance: Environment and Management.
Patrick L. Brockett, Xiaohua Xia, and Richard Derrig. 1998. Using Kohonen's Self-Organizing Feature Map to Uncover Automobile Bodily Injury Claims Fraud. Journal of Risk and Insurance 65, 245-274.
Patrick L. Brockett, William W. Cooper, Linda L. Golden, and X. Xia. 1997. A Case Study in Applying Neural Networks to Predicting Insolvency for Property and Casualty Insurers. Journal of the Operational Research Society 48, 1153-1162.
Patricia M. West, Patrick L. Brockett, and Linda L. Golden. 1997. A Comparative Analysis of Neural Networks and Statistical Methods for Predicting Consumer Choice. Marketing Science 16, 201-206.
Patrick L. Brockett, Linda L. Golden, and Kwang H. Paick. 1997. Constructing a Unimodal Bayesian Prior Distribution from Incompletely Assessed Information, in Advances in Econometrics: Applying Maximum Entropy to Econometric Problems, Thomas Fomby, ed. JAI Press, 201-216.
John J. Rousseau, Patrick L. Brockett, B. Golany, D. A. Thomas, and L. Zhou. 1997. Forecasting and Allocation of U.S. Army Recruiting Resources. Military Operations Research 3, 13-29.
William W. Cooper, A.N. Berger, Patrick L. Brockett, and J.T. Pastor. 1997. New Approaches to Evaluating the Performances of Financial Institutions. Amsterdam: Elsevier Science Publishing Co.
Patrick L. Brockett and E. Susan Tankersley. 1997. The Genetics Revolution, Economics, Ethics and Insurance. Journal of Business Ethics 16, 1661-1676.
Patrick L. Brockett, Linda L. Golden, and Xiaohua Xia. 1997. Using Computer Intensive Technologies in Aid Insurance Regulators: Early Detection of Insolvency and Fraud, in IMPACT: How IC2 Research Affects Public Policy and Business Markets, W.W. Cooper, D. Gibson, F.Y. Phillips, S. Thore and A. Whinston, eds. Westport, CT: Quorum Books, 111-130.
Patrick L. Brockett, William W. Cooper, Khyuk Kwon, and Timothy W. Ruefli. 1996. A Study of Evaluations of Mutual Fund Investment Strategies, in Volume in Honor of Stanley Zionts, M. Karwan, J. Spronk, and J. Wallenius, eds. New York, NY: Springer-Verlag, 117-142.
Patrick L. Brockett, Linda L. Golden, and Shan Li. 1996. An Application of Rank Statistics to DEA and OECD Country Productivity, in Proceedings of the 1996 Annual Meeting of the Northeast Decision Sciences Institute, 573-577.
Gang Yu, Quanling Wei, Patrick L. Brockett, and Li Zhou. 1996. Construction of all DEA efficient surfaces of the production possibility set under the Generalized Data Envelopment Analysis Model. European Journal of Operational Research 95, 491-510.
Patrick L. Brockett, Linda L. Golden, and Harry L. Panjer. 1996. Flexible Purchase Frequency Modeling. Journal of Marketing Research 33, 94-107.
Patrick L. Brockett and Christopher A. McClellan. 1996. Tort Reform and Mandated Insurance Rate Rollbacks. Texas Business Review, 5-7.
Patrick L. Brockett and Boaz Golany. 1996. Using Rank Statistics for Determining Programmatic Efficiency.. Management Science 42, 466-472.
Patrick L. Brockett, Abraham Charnes, William W. Cooper, David Learner, and Fred Y. Phillips. 1995. Information Theory As a Unifying Statistical Approach for Use in Marketing Research. European Journal of Operational Research 84, 310-329.
Patrick L. Brockett, William W. Cooper, Linda L. Golden, and Utai Pitaktong. 1994. A Neural Network Method for Obtaining an Early Warning of Insurer Insolvency. Journal of Risk and Insurance 61, 402-424.
Patrick L. Brockett and Linda L. Golden. 1992. A Comment on 'Using Rank Values as an Interval Scale' by Dowling and Medgley. Psychology and Marketing 9, 255-261.
Patrick L. Brockett, William W. Cooper, Kyhuk Kwon, and Timothy W. Ruefli. 1992. Chance Constrained Programming Models for Empirical Analyses of Mutual Fund Investment Strategies. Decision Sciences 23, 385-408.
Barry C. Arnold and Patrick L. Brockett. 1992. On distributions whose component ratios are Cauchy. American Statistician 46, 25-26.
Patrick L. Brockett and Yehuda Kahane. 1992. Risk, Return, Skewness, and Preference. Management Science 38, 851-866.
Linda L. Golden, Patrick L. Brockett, Gerald Albaum, and Juan Zatarain. 1992. The Golden Numerical Comparative Scale Format for Economical Multiobject/Multiattribute Comparison Questionnaires. Journal of Official Statistics 8, 77-86.
Patrick L. Brockett, Robert C. Witt, and Paul R. Aird. 1991. An Overview of Reinsurance and the Reinsurance Markets. Journal of Insurance Regulation 9, 432-454.
Patrick L. Brockett and Robert C. Witt. 1991. Relevant Distributions for Insurance Prices in an Arbitrage Free Equilibrium. Journal of Risk and Insurance 58, 13-29.
Patrick L. Brockett, Robert C. Witt, and Paul R. Aird. 1990. An Economic Overview Of The Market For Excess & Surplus Lines Insurance. Journal of Insurance Regulation 9, 234-258.
Linda L. Golden and Patrick L. Brockett. 1990. An Information Theoretic Approach for Identifying Shared Information and Asymmetric Relationships Among Variables. Multivariate Behavioral Research 25, 479-502.
Patrick L. Brockett, Linda L. Golden, and Paul Aird. 1990. How Public Policy Can Define the Marketplace: The Case of Pollution Liability Insurance in the 1980's. Journal of Public Policy and Marketing 9, 211-226.
Linda L. Golden, Patrick L. Brockett, and Mary R. Zimmer. 1989. A New Method for Identifying Asymmetric Relationships among Variables: Information Theory Applied to Affect, Location Convenience and Patronage Frequency, in Proceedings of the American Marketing Association,
Patrick L. Brockett and Linda L. Golden. 1987. A Class of Utility Functions Containing All the Common Utility Functions. Management Science33, 955-964.
Barry C. Arnold, Christopher A. Robertson, Patrick L. Brockett, and Boo-Yau Shu. 1987. Generating Ordered Families of Lorenz Curves by Strongly Unimodal Distributions. Journal of Business and Economic Statistics 5, 305-308.
Linda L. Golden and Patrick L. Brockett. 1987. The Effect of Alternative Scoring Methods on the Analysis of Rank Order Categorical Data. Journal of Mathematical Sociology 12, 383-414.
Patrick L. Brockett, Samuel H. Cox Jr., and Robert C. Witt. 1986. Insurance Versus Self-Insurance: A Risk Management Perspective. Journal of Risk and Insurance 53, 242-257.
Juan M. Zatarain, Linda L. Golden, Gerald Albaum, Patrick L. Brockett, and Roger Kerin. 1986. The Numerical Comparative Scale in Country Image Studies, in Proceedings of the National Institute of Decision Sciences Conference, 515-517.
Patrick L. Brockett, Samuel H. Cox Jr., and Robert C. Witt. 1984. Self-Insurance and the Probability of Financial Regret. Journal of Risk and Insurance 51, 720-729.
Patrick L. Brockett and A. Levine. 1984. Statistics, Probability and Their Applications. W. B. Saunders Publishing Co.
Patrick L. Brockett. 1983. On the Misuse of the Central Limit the Theorem in Some Risk Calculations. Journal of Risk and Insurance 50, 727-731.
Barry C. Arnold and Patrick L. Brockett. 1983. When Does the.. Percentile Residual Life Function Determine the Distribution. Operations Research 31, 391-395.
Patrick L. Brockett. 1982. The Underwriting Risk and Return Paradox Revisited. Journal of Risk and Insurance 49, 621-627.
Patrick L. Brockett. 1981. A Note On The Numerical Assignment Of Scores To Ranked Categorical Data. Journal of Mathematical Sociology 8, 91-101.