This study reconsiders the problem of hedging a liability by a portfolio made of a riskless asset and an underlying (underlying).

This study reconsiders the problem of hedging a liability by a portfolio made of a riskless asset and an underlying (underlying).

When the dependency ratio inactive/active increases to intolerable proportions, the question arises as to how and when pay-as-you-go social security systems can be controlled so as to safeguard a decent way of life to everyone. Between uncertainty linked to wages and the interest rate, and room...