Related papers: Optimal social security timing
In life insurance, life tables are used to estimate the survival distribution of individuals from a given population. However, these tables only provide survival probabilities at integer ages but no information about the distribution of…
We study the problem of scheduling periodic real-time tasks so as to meet their individual minimum reward requirements. A task generates jobs that can be given arbitrary service times before their deadlines. A task then obtains rewards…
Tontines were once a popular type of mortality-linked investment pool. They promised enormous rewards to the last survivors at the expense of those died early. And, while this design appealed to the gambling instinc}, it is a suboptimal way…
We examine how career concerns influence the behavior and mobility of financial advisers. Drawing on a uniquely comprehensive matched panel that combines employer-employee data with a longstanding national ranking, our study tests…
This work studies a stochastic optimal control problem for a pension scheme which provides an income-drawdown policy to its members after their retirement. To manage the scheme efficiently, the manager and members agree to share the…
Aging includes both continuous gradual decline from microscopic mechanisms together with major deficit onset events such as morbidity, disability and ultimately death. These deficit events are stochastic, obscuring the connection between…
Social goods are goods that grant value not only to their owners but also to the owners' surroundings, be it their families, friends or office mates. The benefit a non-owner derives from the good is affected by many factors, including the…
In many countries financial service providers have to elicit their customers risk preferences, when offering products and services. For instance, in the Netherlands pension funds will be legally obliged to factor in their clients risk…
The Schelling model has become a paradigm in social sciences to explain the emerge of residential spatial segregation even in the presence of high tolerance to mixed neighborhoods by the side of citizens. In particular, we consider a noisy…
We investigate an optimal reinsurance problem for an insurance company facing a constant fixed cost when the reinsurance contract is signed. The insurer needs to optimally choose both the starting time of the reinsurance contract and the…
We revisit the saving behavior of elderly singles using an adversarial structural estimation framework by Kaji, Manresa and Pouliot (2023). The method bridges the simulated method of moments (SMM) and maximum-likelihood estimation by…
Increasing the infection risk early in an epidemic is individually and socially optimal under some parameter values. The reason is that the early patients recover or die before the peak of the epidemic, which flattens the peak. This…
We find the minimum probability of lifetime ruin of an investor who can invest in a market with a risky and a riskless asset and who can purchase a reversible life annuity. The surrender charge of a life annuity is a proportion of its…
This paper revisits the problem of sampling and transmitting status updates through a channel with random delay under a sampling frequency constraint \cite{sun_17_tit}. We use the Age of Information (AoI) to characterize the status…
Wind power is one of the most important sources of renewable energy. A large part of the wind energy cost is due to the cost of maintaining the wind power equipment. To further reduce the maintenance cost, one can improve the design of the…
Random delays between the occurrence of accident events and the corresponding reporting times of insurance claims is a standard feature of insurance data. The time lag between the reporting and the processing of a claim depends on whether…
This paper resolves Aaron's social insurance paradox, which suggests that introducing a pay-as-you-go (PAYG) pension system increases welfare when population growth plus average wage growth exceeds interest rates. Using a simplified…
A decision maker is choosing between an active action (e.g., purchase a house, invest certain stock) and a passive action. The payoff of the active action depends on the buyer's private type and also an unknown state of nature. An…
One of the main goals in non-life insurance is to estimate the claims reserve distribution. A generalized time series model, that allows for modeling the conditional mean and variance of the claim amounts, is proposed for the claims…
A monopoly platform sells either a risky product (with unknown utility) or a safe product (with known utility) to agents who sequentially arrive and learn the utility of the risky product by the reporting of previous agents. It is costly…