Online mutual aid (MA) is a novel form of risk sharing empowered by InsurTechto provide critical illness coverage without involving an insurer. By shifting from exante premium to ex post sharing, MA platforms regularly publicize the informationof confirmed loss cases to their participants,...

Winning streaks appear frequently in all financial markets including equity, commodity, foreign exchange, real estate, etc. Most stochastic process models for financial market data in the current literature focus on stylized facts such as fat-tailedness relative to normality, volatility...

Risk aggregation and capital allocation are of paramount importance in business, as they play critical roles in pricing, risk management, project financing, performance management, regulatory supervision, etc. The state-of-the-art practice often includes two steps: (i) determine standalone...