With the advancements of medical technology and the improvements in quality of life, the demand for innovative retirement products designed to address increasing longevity risks has been growing in recent decades. Tontines and tontine like products, where the insurers and policyholders share...

A total minimum commitment contract is a supply contract under which a firm commits to buying a minimum quantity of a product from its supplier during the contract duration (e.g., one year). Such contracts are widely used in industries, because they provide the buyer with flexibility in terms of...