论文标题
封闭形式的解决方案，用于遗赠动机的明确现代理想丁丁
Closed-form Solutions for an Explicit Modern Ideal Tontine with Bequest Motive
论文作者
论文摘要
在本文中，我将Bernhardt and Donnelly（2019）的工作扩展到现代显式龙虾的处理，作为一种根据规定的遗赠动机提供收入的一种方式，是从定义的捐款养老罐中提供的。本文的一个关键特征是，它放松了投资于丁丁和遗产帐户的固定比例的假设。在使遗产比例成为额外的控制函数时，我迄今无法获得分数消费率，财富，遗产金额和遗赠比例的截然不同的解决方案。我表明，最佳遗赠比例是最佳分数消耗率和凸起遗产参数的乘积。我表明，在某些情况下，例如非常高的遗赠动机，生命周期公用事业最大化策略将需要与付费人寿保险的成员类似的负死亡率信用。使用英国国家统计局寿命表探索典型的情况。
In this paper I extend the work of Bernhardt and Donnelly (2019) dealing with modern explicit tontines, as a way of providing income under a specified bequest motive, from a defined contribution pension pot. A key feature of the present paper is that it relaxes the assumption of fixed proportions invested in tontine and bequest accounts. In making the bequest proportion an additional control function I obtain, hitherto unavailable, closed-form solutions for the fractional consumption rate, wealth, bequest amount, and bequest proportion under a constant relative risk averse utility. I show that the optimal bequest proportion is the product of the optimum fractional consumption rate and an exponentiated bequest parameter. I show that under certain circumstances, such as a very high bequest motive, a life-cycle utility maximisation strategy will necessitate negative mortality credits analogous to a member paying life insurance premiums. Typical scenarios are explored using UK Office of National Statistics life tables.
