Retirement income tontines pool idiosyncratic and systematic longevity risk among their participants. This paper studies conditions under which the cash flow distribution of a tontine dominates that of a traditional life annuity.
查看原文（外部链接）↗原文发表于 Journal of Mathematical Economics（2025），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。