By Moshe A. Milevsky
This 2006 publication introduces and develops the fundamental actuarial types and underlying pricing of life-contingent pension annuities and lifestyles assurance from a distinct monetary viewpoint. the guidelines and methods are then utilized to the real-world challenge of producing sustainable retirement source of revenue in the direction of the tip of the human life-cycle. The position of lifetime source of revenue, sturdiness assurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying know-how and terminology of the booklet are in keeping with continuous-time monetary economics by way of merging analytic legislation of mortality with the dynamics of fairness markets and rates of interest. still, the booklet calls for a minimum historical past in arithmetic and emphasizes functions and examples greater than proofs and theorems. it might function a fantastic textbook for an utilized path on wealth administration and retirement making plans as well as being a reference for quantitatively-inclined monetary planners.