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An insurance company is assessing property premiums in Melbourne suburbs for content and building insurance. The company is considering the following criteria: Postal code Age

An insurance company is assessing property premiums in Melbourne suburbs for content and building insurance. The company is considering the following criteria: Postal code Age of the property Lockable garage Locks and security systems in the property The company has hired a master student from Deakin to do the assessment. The student has been trained to use aggregation functions and decided to use such functions to assess the criteria. The student has used a large database of properties in Melbourne. Using fitting functions in R they found the weights for the following three models: a. WAM, w=<0.1,0.3,0.2,0.4>, RMSE=9%, AAE=82%, Pearson CC = 92%; SCC=87%; b. WPM, p=2, w=<0.3,0.1,0.1,0.5>, RMSE=7%, AAE=6.5%, Pearson CC=92%, SCC=88%; c. OWA, w=<0.2,0.3,0.1

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