We propose three analytic approximation methods for numerical valuation of the guaranteed annuity options in deferred annuity pension policies. The approximation methods include the stochastic duration approach, Edgeworth expansion and analytic approximation in affine diffusions. The payoff structure in the annuity policies is similar to a quanto call option written on a coupon bearing bond. To...

This paper attempts to explain why innovating firms often fail to obtain significant economic returns from an innovation, while customers, imitators and other industry participants benefit. Business strategy particularly as it relates to the firm’s decision to integrate and collaborate is shown to be an important factor. The paper demonstrates that when imitation is easy, markets don’t work wel...

The worldwide expansion of international law firms has generated regulatory battles and workplace conflicts in advanced market economies as well as developing countries. This article uses the case of China to explore the changing global–local relationship in the globalization of the legal profession and to understand the role of the government in constituting the corporate law market. The autho...

This article reviews relevant US health education actions which are pertinent to understanding the possibilities for enhancing health education in Brazil, and discusses the interconnections between theory, policy, practice, and evaluation. One common assumption underlying most health education policy and practice is that participation of the population will increase involvement in program...

OBJECTIVES Many existing healthcare interventions diffused before modern evidence-based standards of clinical- and cost-effectiveness. Disinvestment from ineffective or inappropriately applied practices is growing as a priority for international health policy, both for improved quality of care and sustainability of resource allocation. Australian policy stakeholders were canvassed to assess the...

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Evidence suggests that in spite of the value potential of information technology (IT), institutions in the health care sector have been slow to adopt it. To the extent that significant problems in health care such as patient safety, medical errors, and escalating costs can be addressed through IT, accelerating its diffusion throughout the system is an important public policy issue. This researc...

In this communication, we develop suitable valuation techniques for a with-profit/unitized with profit life insurance policy providing interest rate guarantees, when a jump-diffusion process for the evolution of the underlying reference portfolio is used. Particular attention is given to the mispricing generated by the misspecification of a jumpdiffusion process for the underlying asset as a pu...