method. We show that the rationality of the policyholders has a significant effect on average contract value and hence on the … fair contract design. We also present the separating boundary between purely exogenous surrender and endogenous surrender …

the insurance company's and the policyholders' perspectives and characterize the contract values by deriving the … secondary market characteristics such as accessibility and competition on the contract values. The pricing PDEs are solved … existence of a fair contract in this context and study the effect of the secondary market on fair contract design. …

fund evolution allows for a countercyclical volatility and a procyclical risk-free rate. The contract value of a … contract values and particularly surrender option values and also compare our regime-switching rational expectation model with …

contract maturities. We analyse the effects of these features on the company's insolvency while embracing the insurer's goal to …

contract maturities. We analyze the effects of these features on the company's insolvency while embracing the insurer's goal to …

Actuarial fairness pertains to the situation in which the price of an insurance contract is equal to its expected … better than the other in the sense of second order stochastic dominance, then the better contract will be strictly more …