This paper examines the retirement decision, optimal investment, and consumption strategies under an age-dependent force of mortality. We formulate the optimization problem as a combined stochastic control and optimal stopping problem with a random time horizon, featuring three state variables:...

This paper investigates the consumption and investment decisions of an individual facing uncertain lifespan and stochastic labor income within a Black-Scholes market framework, A key aspect of our study involves the agent's option to choose when to acquire life insurance for bequest purposes, We...

This paper proposes and solves an optimal dividend problem in which a two-state regimeswitching environment affects the dynamics of the company's cash surplus and, as a novel feature, also the bankruptcy level. The aim is to maximize the total expected profits from dividends until bankruptcy....

We propose a tractable dynamic framework for the joint determination of optimal consumption, portfolio choice, and healthcare irreversible investment. Our model is based on a Merton's portfolio and consumption problem, where, in addition, the agent can choose the time at which undertaking a...

In this paper, we studied what predicts "good" and "bad" behavior and the relationship between these behaviors and two types of wellbeing. We developed our hypotheses based on social exchange theory and the wellbeing literature. We collected 1,250 responses from college students in Mexico, the...

The constantly expanding losses caused by frequent natural disasters pose many challenges to the traditional catastrophe insurance market. The purpose of this paper is to develop an innovative and systemic trigger mechanism for pricing catastrophic bonds triggered by multiple events with an...

One of the most important challenges facing the optimal management of power resources for industrial customers is considering the latest available technologies for this purpose. In this regard, this article investigates the most important technologies and methods available in this field and...

Changes over the last few decades around the globe highlight concepts such as sustainable economic development (SED). Globalization has accelerated the competition between firms and they require sustainable development (SD) in order to survive in such a competitive environment. In this scenario,...

An experimental study has been carried out to investigate the convective air-drying characteristics of a wet sand layer. The experimental setup allows dynamic measurements of both sand layer weight and temperature, with hot air flowing towards the sand layer surface to ensure a uniform drying of...