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讲座题目：Dynamic tonuity: Adapting retirement benefits to a changing environment

主讲人：陈羽莎，西南财经大学金融学院讲师。博士毕业于德国乌尔姆大学，此前在复旦大学和乌尔姆大学获得双硕士学位，在中央财经大学获得学士学位。当前主要研究方向是养老保险、养老金产品设计和养老金经济学。相关论文发表于Journal of Risk and Insurance、Insurance: Mathematics and Economics、Astin Bulletin等期刊。

讲座时间：2025年6月10日14:00

讲座地点：金融学院116教室

内容摘要

The tonuity, proposed by Chen et al. ((2019) ASTIN Bulletin: The Journal of the IAA, 49(1), 530.), is a combination of an immediate tontine and a deferred annuity. However, its switching time from tontine to annuity is fixed at the moment the contract is closed, possibly becoming sub-optimal if mortality changes over time. This article introduces an alternative tonuity product, wherein a dynamic switching condition is pivotal, relying on the observable mortality trends within a reference population. The switching from tontine to annuity then occurs automatically once the condition is satisfied. Using data from the Human Mortality Database and UK Continuous Mortality Investigation, we demonstrate that, in a changing environment, where an unforeseen mortality or longevity shock leads to an unexpected increase or decrease in mortality rates, the proposed dynamic tonuity contract can be preferable to the regular tonuity contract.