關鍵字查詢 | 類別:期刊論文 | | 關鍵字:Pricing of a resettable guarantee of a salary-connected individual pension account

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1 105/1 經濟系 陳炤良 教授 期刊論文 發佈 Pricing of a resettable guarantee of a salary-connected individual pension account , [105-1] :Pricing of a resettable guarantee of a salary-connected individual pension account期刊論文Pricing of a resettable guarantee of a salary-connected individual pension accountCHEN, CHAO-LIANG淡江大學經濟學系Individual pension account;salary-connected;reset featureCambridge: Cambridge University PressJournal of Pension Economics and Finance 15(4), p.357-378The present paper numerically prices a resettable guarantee of a salary-connected individual pension account (IPA). The results indicate that a principal guarantee without a reset feature is not worth much unless the volatility of assets in the IPA is huge, while the death benefit contributes a very small proportion to the guarantee value. Deferred proportional funding is an alternative to reducing problems from the difficulty in modeling salary behavior, because the required deferred proportional cost is impacted less by the salary behavior. Moreover, if the lapse from a guarantee is possible, then the guarantee is not necessarily more valuable for
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