This paper offers a financial economic perspective on the optimal time (and age) at which the owner of a Variable Annuity (VA) policy with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider should initiate guaranteed lifetime income payments. We bypass issues related to utility, bequest and...

type="main" xml:lang="en" <p>This paper develops a simple model of an international lender of last resort (ILOLR). The world economy consists of many open economies, each with its own banking system and its own central bank which uses its reserves to manage a pegged exchange rate. The fragility of...</p>

type="main" xml:lang="en" <title type="main">Abstract</title> <p>We analyze an insurance instrument called a ruin-contingent life annuity (RCLA), which is a stand-alone version of the option embedded inside a variable annuity (VA) but without the buyer having to transfer investments to the insurance company. The annuitant's...</p>

The fundamental guidelines for genetic algorithm to optimal reservoir dispatching have been introduced. It is concluded that with three basic generators selection, crossover and mutation genetic algorithm could search the optimum solution or near-optimal solution to a complex water resources...