We study the gap between the state pension provided by the Italian pension system pre-Dini reform and post-Dini reform. The goal is to fill the gap between the old and the new pension by joining a defined contribution pension scheme and adopting an optimal investment strategy that is...

We present the Forest of Stochastic Trees (FOST) method for pricing multiple exercise options by simulation. The proposed method uses stochastic trees in place of binomial trees in the Forest of Trees algorithm originally proposed to value swing options, hence extending that method to allow for...

In this paper, we consider a company that can satisfy customers' demands for a product using two alternative sourcing strategies: (1) purchasing new products from outside sources (such as an international partner) or (2) collecting cores (used products) and remanufacturing them. As the purchase...