Fairness and risk sharing in integrated LRD-tontine schemes under Volterra mortality risk

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      <subfield code="c">Jingwen Kang... [et al.]</subfield>
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      <subfield code="a">This study examines actuarial fairness in tontine schemes using a Volterra-based mortality framework that incorporates long-range dependence. An optimal tontine design is first developed for homogeneous participants, and then extended through a hybrid optimization model that accounts for age and wealth differences in heterogeneous cohorts. The f-value fairness measure is applied to evaluate intergenerational equity, revealing thatdespite achieving overall group-level fairnessolder participants receive relatively lower benefits. By integrating dynamic mortality modeling, the proposed approach enhances the robustness and sustainability of retirement income structures and provides guidance for future development of longevity-risk-sharing products.</subfield>
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      <subfield code="g">15/09/2025 Volume 55 Issue 3 - September 2025 , p. 644 - 667</subfield>
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