Hyndman, Cody B.; Wenger, Menachem - In: Insurance: Mathematics and Economics 55 (2014) C, pp. 283-290
The guaranteed minimum withdrawal benefit (GMWB) rider, as an add on to a variable annuity (VA), guarantees the return …. GMWB riders represent an embedded option on the account value with a fee structure that is different from typical financial … derivatives. We consider fair pricing of the GMWB rider from a financial economic perspective. Particular focus is placed on the …