Yang, Sharon S.; Dai, Tian-Shyr - In: Insurance: Mathematics and Economics 52 (2013) 2, pp. 231-242
Valuing guaranteed minimum withdrawal benefit (GMWB) has attracted significant attention from both the academic field and real world financial markets. However, some popular provisions of GMWB contracts, like the deferred life annuity structure, rollup interest rate guarantees, and surrender...