by the collective risk model. The expected number of policies is affected by the all premiums in the market and further …

puzzling. While the Modigliani lifecycle model can justify a variety of de-accumulation or draw down rates depending on risk … empirical evidence as motivation to model and solve a retirement consumption problem under longevity risk aversion with … account size, pension income and longevity risk preferences. Again, the “account ratio” should eventually decline. The fact …

incorporate mortality risk. We prove limiting results for the hedging strategies and demonstrate mortality risk diversification …. Numerical examples are provided which illustrate the effectiveness of hedging and the diversification of mortality risk under …

-exposure to bonds with higher credit risk in different market regimes represents a weakness of the Solvency II regulation with …

risk preferences, but should also capture: 1) economical characteristics - such as current value on the pension savings … pension), and 2) personal characteristics - such as risk aversion, lifetime expectancy, preferable payout profile, bequest …