摘要翻译：
本文研究了不确定条件下保险产品的定价问题，重点研究了年金的定价问题。这一定价问题是财务决策的关键问题，已经得到了广泛的研究，但仍然存在许多悬而未决的问题。特别是，由于现有的金融理论与年金市场的实证观察存在一定的不一致性，因而出现了所谓的“年金之谜”。本文提出了一种基于风险最小化的定价方法，即生产者和顾客都寻求最小化作为风险度量的均方套期保值误差。这导致了定价问题的两个不同版本：给定定期支付率的年金价格的选择，以及给定年金价格的支付率的选择。看来这两个问题的解决方法是不同的。这有助于解释“年金之谜”。
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英文标题：
《On a gap between rational annuitization price for producer and price for
  customer》
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作者：
Nikolai Dokuchaev
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最新提交年份：
2018
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance        数量金融学
二级分类：Mathematical Finance        数学金融学
分类描述：Mathematical and analytical methods of finance, including stochastic, probabilistic and functional analysis, algebraic, geometric and other methods
金融的数学和分析方法，包括随机、概率和泛函分析、代数、几何和其他方法
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英文摘要：
  The paper studies pricing of insurance products focusing on the pricing of annuities under uncertainty. This pricing problem is crucial for financial decision making and was studied intensively, however, many open questions still remain. In particular, there is a so-called "annuity puzzle" related to certain inconsistency of existing financial theory with the empirical observations for the annuities market. The paper suggests a pricing method based on the risk minimization such that both producer and customer seek to minimize the mean square hedging error accepted as a measure of risk. This leads to two different versions of the pricing problem: the selection of the annuity price given the rate of regular payments, and the selection of the rate of payments given the annuity price. It appears that solutions of these two problems are different. This can contribute to explanation for the "annuity puzzle".
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PDF链接：
https://arxiv.org/pdf/1809.08960