accumulated over working life. Individual savings crucially depend on the choice between low-risk and high-risk assets, because … different pension schemes. The rationale is that a non-funded pension component provides better downward risk protection for the …

stochastic mortality risk and health shock risk numerically. These shocks are interpreted as critical illness and can negatively …

We address the problem of optimal consumption and investment for agents with mortality risk in a complete financial … process as proposed by Londono [25]. We introduce live insurance˜ to hedge consumers’ mortality risk and to achieve consumers … allows for a rich insurance market with agents that can resource to a rich pool of clients with similar mortality structures …