Description: Chapter 4 describes growth issues including multiple account problems of the old SAR, the amount of money in the AFOREs, and portfolio composition in the AFOREs. From Retrospective and Perspective Analysis of the Privatized Mandatory Pension System in Mexico, M-RS02-1.

Description: How assumptions like market returns and variable like saving rate should be incorporated into sound financial planning. How to analyze retirement readiness.

Description: Feature article discussing how market interest rates and bond yields dropped in response to the global financial crisis in late 2008, and they have struggled to return to their prior levels, in part because the Federal Reserve has made efforts to spur growth and lending in a sluggish U.S. economy.

Description: This article discusses how publicly traded companies fail to realize their full potential due to a lack of clarity in identifying which shareholders they are trying to serve, especially when viewing short term versus long term goals.

Description: The following topics were discussed at concurrent sessions: 1. Personal Security in the 1970's- United States and Canada, 2. Adjusted earnings for life companies, 3. Pension funding, 4. What about these younger actuaries?, 5. Sources of statistical information for actuaries, 6. Variable life insurance, 7. Models and decision techniques, and 8. Role of the actuary in expense control. From Transactions of Society of Actuaries 1970, Vol 22, Pt. 2, No. 63.

Description: In this paper, we illustrate how to value American-style options using the Least-Squares Monte Carlo LSM approach proposed by Longstaff and Schwartz 2001 and investigate whether there exists an optimal regression complexity in the LSM framework for options pricing. In particular, we use the smoothing spline in the regression step, which allows us to control the regression complexity on a continuous scale with just one tuning parameter. Numerical results on American put options indicate that we need to use more than a linear regression, but as the regression becomes more complex, the accuracy of the LSM method quickly deteriorates. From 39th Actuarial Research Conference.

Description: Public DB plans have fatal designs such as basing benefits on a few years of earnings. Redesigning DB to be similar to SS will alleviate solvency challenges.

Description: Reports the results of one application of a Future Research technique-in this case, forecasting future economic variables.

Description: Presented at May 2005 Spring Meeting. This session examines financial, economic and traditional actuarial methodological approaches used for solving investment-risk problems.

Description: In this paper, the authors take an axiomatic approach to characterize insurance prices in a competitive market setting. Four axioms are presented to describe the behavior of market insurance prices. From these axioms it follows that the price of an insurance risk has a Choquet integral representation with respect to a distorted probability.