We consider a discrete-time tontine with proportional payouts, a bequest motive, and stochastic mortality, where a representative participant maximizes expected constant relative risk aversion (CRRA) utility of consumption and terminal wealth.
查看原文(外部链接)↗原文发表于 SSRN Electronic Journal(2026),此处链接指向公开学术数据库的 DOI 页面,版权归原作者及原出版方所有。