Chia, Ngee-Choon; Tsui, Albert K C - East Asian Bureau of Economic Research (EABER) - 2005
of capital, we estimate the probability of loss for both the private supplier and public provider of RMs. The probability … survival probability by joint-life; and generation of yield curves to discount the future cash flows. The stochastic forecast … of survival probability is estimated using the Lee-Carter demographic model based on the abridged life tables. The …