{"id":"https://openalex.org/W2188187254","doi":null,"title":"Policyholder Exercise Behavior for Variable Annuities including Guaranteed Minimum Withdrawal Benefits","display_name":"Policyholder Exercise Behavior for Variable Annuities including Guaranteed Minimum Withdrawal Benefits","publication_year":2011,"publication_date":"2011-01-01","ids":{"openalex":"https://openalex.org/W2188187254","mag":"2188187254"},"language":"en","primary_location":{"id":"mag:2188187254","doi":null,"is_oa":false,"landing_page_url":"http://aria.org/meetings/2011%20papers/Policyholder%20Exercise%20Behavior%20for%20Variable%20Annuities%20including%20Guaranteed%20Minimum%20Withdrawal%20Benefits.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5049894709","display_name":"Thorsten Moenig","orcid":"https://orcid.org/0000-0002-7740-5570","observed_orcids":["https://orcid.org/0000-0002-7740-5570"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Thorsten Moenig","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-7740-5570","affiliations":[]},{"author_position":"last","author":{"id":null,"display_name":"Daniel J. Bauer","orcid":"https://orcid.org/0000-0001-6425-3769","observed_orcids":["https://orcid.org/0000-0001-6425-3769"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Daniel J. Bauer","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-6425-3769","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.26407387,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.760699987411499,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.760699987411499,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12394","display_name":"Insurance and Financial Risk Management","score":0.09549999982118607,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11720","display_name":"Probability and Risk Models","score":0.07699999958276749,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/variable-annuities","display_name":"variable annuities","score":0.9980000257492065},{"id":"https://openalex.org/keywords/guaranteed-minimum-withdrawal-benefit","display_name":"guaranteed minimum withdrawal benefit","score":0.953000009059906},{"id":"https://openalex.org/keywords/insurer-profits","display_name":"insurer profits","score":0.5149999856948853},{"id":"https://openalex.org/keywords/lifetime-utility","display_name":"lifetime utility","score":0.40799999237060547}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6075364947319031},{"id":"https://openalex.org/C182365436","wikidata":"https://www.wikidata.org/wiki/Q50701","display_name":"Variable (mathematics)","level":2,"score":0.5662729144096375},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.5582171678543091},{"id":"https://openalex.org/C28719098","wikidata":"https://www.wikidata.org/wiki/Q44946","display_name":"Point (geometry)","level":2,"score":0.4459965229034424},{"id":"https://openalex.org/C134121241","wikidata":"https://www.wikidata.org/wiki/Q899301","display_name":"Yield (engineering)","level":2,"score":0.4212114214897156},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.10623979568481445},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C191897082","wikidata":"https://www.wikidata.org/wiki/Q11467","display_name":"Metallurgy","level":1,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:2188187254","doi":null,"is_oa":false,"landing_page_url":"http://aria.org/meetings/2011%20papers/Policyholder%20Exercise%20Behavior%20for%20Variable%20Annuities%20including%20Guaranteed%20Minimum%20Withdrawal%20Benefits.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W1501577517","https://openalex.org/W1574786337","https://openalex.org/W1984697146","https://openalex.org/W2010307279","https://openalex.org/W2055892248","https://openalex.org/W2080007115","https://openalex.org/W2097412029","https://openalex.org/W2101058764","https://openalex.org/W2105308351","https://openalex.org/W2112378860","https://openalex.org/W2113053846","https://openalex.org/W2140514312","https://openalex.org/W2150174913","https://openalex.org/W2169761467","https://openalex.org/W2740092427","https://openalex.org/W3123770653","https://openalex.org/W3125914657"],"related_works":["https://openalex.org/W7097411492","https://openalex.org/W2311049100","https://openalex.org/W2945211524","https://openalex.org/W68827242","https://openalex.org/W2263716478","https://openalex.org/W3125221288","https://openalex.org/W2883753345","https://openalex.org/W2012095720","https://openalex.org/W3124203948","https://openalex.org/W2243407725"],"abstract_inverted_index":{"In":[0,127],"recent":[1],"years,":[2],"Guaranteed":[3],"Minimum":[4],"Withdrawal":[5],"Benefits":[6],"within":[7],"Variable":[8,84],"Annuities":[9,85],"have":[10],"become":[11],"increasingly":[12],"popular.":[13],"However,":[14],"thus":[15],"far,":[16],"there":[17],"is":[18],"no":[19],"consensus":[20],"on":[21,62],"how":[22],"policyholders":[23,50,95],"should":[24],"optimally":[25,51],"exercise":[26,64,69,100],"these":[27],"options,":[28],"which":[29],"has":[30],"repercussions":[31],"for":[32,71,141],"their":[33,36,72],"pricing":[34,41],"and":[35,86,118],"management.":[37],"Specifically,":[38],"while":[39],"option":[40],"techniques":[42],"applied":[43],"in":[44,57,112,170],"the":[45,53,79,87,90,142,148,158,171],"actuarial":[46],"literature":[47],"point":[48],"to":[49,93,138],"withdrawing":[52],"maximal":[54],"guaranteed":[55,125],"amount":[56],"most":[58],"circumstances,":[59],"insurers":[60],"rely":[61],"fixed":[63],"probabilities":[65],"combined":[66],"with":[67,115],"simple":[68],"rules":[70],"calculations.":[73],"The":[74],"present":[75],"paper":[76],"demonstrates":[77],"that":[78,106,133,147],"preferred":[80],"tax":[81],"treatment":[82],"of":[83],"benefit":[88],"from":[89],"embedded":[91],"guarantees":[92],"risk-averse":[94],"yield":[96],"more":[97],"nuanced":[98],"optimal":[99,167],"patterns.":[101],"More":[102],"precisely,":[103],"we":[104,145],"show":[105],"a":[107,113],"lifetime":[108],"utility":[109],"maximizing":[110],"policyholder":[111],"model":[114],"exogenous":[116],"income":[117],"an":[119],"outside":[120],"account":[121],"may":[122],"frequently":[123],"forgo":[124],"withdrawals.":[126],"particular,":[128],"our":[129],"numerical":[130],"analyses":[131],"indicate":[132],"typical":[134],"market":[135],"rates":[136],"appear":[137],"sufficiently":[139],"provide":[140],"guarantees.":[143],"Interestingly,":[144],"predict":[146],"insurer":[149],"can":[150],"increase":[151],"expected":[152],"net":[153],"profits":[154],"by":[155],"e.g.":[156],"eliminating":[157],"excess":[159],"withdrawal":[160,168],"charge,":[161],"as":[162],"this":[163],"would":[164],"significantly":[165],"alter":[166],"behavior":[169],"insurer\u2019s":[172],"favor.":[173]},"counts_by_year":[],"updated_date":"2026-09-29T14:09:16.559479","created_date":"2016-06-24T00:00:00"}