Olivieri, Annamaria - In: Risks : open access journal 9 (2021) 11, pp. 1-18
We consider annuity designs in which the benefit amount is allowed to fluctuate (up or down), based on a given mortality/longevity experience. This way, guarantees are relaxed in respect of traditional annuity arrangements. On the other hand, while the annuitant is exposed to the risk of a...
