Hainaut, Donatien; Deelstra, Griselda - In: Journal of Economic Dynamics and Control 44 (2014) C, pp. 124-146
Present Value operators: this shows that the non-annuitization (or continuation) region is either delimited by a lower or … stopping time is used to maximize the market value of future cash-flows. Thirdly, a solution is proposed in terms of Expected …