Securitization of longevity/mortality risk provides insurers and pension funds an effective, low-cost approach to transferring the longevity/mortality risk from their balance sheets to capital markets. The modeling and forecasting of the mortality rate is the key point in pricing...

This paper considers choice between individual projects and shows that when the choice set includes arbitrary distributions, then any assumed relationship between expected utility theory and general moment preferences for individual decision makers is theoretically unsound. In particular, a risk...