Hainaut, Donatien; Deelstra, Griselda - In: Journal of Economic Dynamics and Control 44 (2014) C, pp. 124-146
Optimal timing for annuitization is developed along three approaches. Firstly, the mutual fund in which the individual invests before annuitization is modeled by a jump diffusion process. Secondly, instead of maximizing an economic utility, the stopping time is used to maximize the market value...