Cognitive Constraints on Valuing Annuities

Valuing guaranteed minimum death benefits in variable annuities and the option to lapse∗

Many variable annuities provide money-back guarantees and market guarantees on invested principal. Embedded in some of these guarantees are stochastic maturity put options with adjustable strike prices. These variable annuities can be surrendered or lapsed at any time. The lapse option when exercised rationally represents an American style sell-back option that is exercised by the policyholder ...

Cognitive Constraints on Compositional Systems

In this article I explore the relationship between composing and listening. I begin with a problematic story, draw some general conclusions, introduce relevant concepts from Lerdahl and Jackendoff (1983) and related work, propose some cognitive constraints on compositional systems, discuss "pitch space", and explain why serial (or 12-tone) organizations are cognitively opaque. Most of these top...

Cognitive constraints on motor imagery

Executed bimanual movements are prepared slower when moving to symbolically different than when moving to symbolically same targets and when targets are mapped to target locations in a left/right fashion than when they are mapped in an inner/outer fashion [Weigelt et al. (Psychol Res 71:238-447, 2007)]. We investigated whether these cognitive bimanual coordination constraints are observable in ...

Cognitive Constraints on Syntactic Islands

Competence-based theories of island effects play a central role in generative grammar, yet the graded nature of many syntactic islands (Deane 1991; Kluender 1992) has never been properly accounted for. Indeed, syntactic accounts of island effects have persisted in spite of a wealth of data suggesting that island effects are not categorical in nature and that non-structural manipulations (i.e. o...

Constraints in Cognitive Architectures 1 Running Head : CONSTRAINTS IN COGNITIVE ARCHITECTURES Constraints in Cognitive architectures