Segerberg’s Dynamic Deontic Logic is a dynamic logic where among the set of all possible histories those fulfilling the norms are distinguished. An extension of this logic to obligations (respectively permissions and prohibitions) to do an action before a given deadline or during a given time interval is defined. These temporal constraints are defined by events which may have several occurrence...

“welfare” can be hardly defined. we defined it simply as enjoyment from life facilities in three dimensions: being, becoming and belonging. “welfare culture” which is our keyword in this essay, designates the centrality of body welfare accompanied by self-expression of humanist subject. in present era, welfare culture has been immensely formed and alongside new values, ideas and concepts which ...

The private pension structure in the United States, once dominated by defined benefit (DB) plans, is currently divided between defined contribution (DC) and DB plans. Wealth accumulation in DC plans depends on the participant's contribution behavior and on financial market returns, while accumulation in DB plans is sensitive to a participant's labor market experience and to plan parameters. Thi...

We analyze optimal consumption and portfolio choice when the agent takes the market as given, with applications to pension insurance. First, we recall the results for the conventional additive and separable expected utility model. We explain why this model is not viable in a temporal context. As a consequence, when confronted with real data this theory meets with several conflicting implication...

The ethical statements which have historically been subscribed to by the dental profession have had the benefit of the patient as their primary goal. Recognition of this goal, and of the education and training of a dentist, has resulted in society affording to the profession the privilege and obligation of self-government. The Association calls upon members of the profession to be caring and fa...

We compute minimum nominal funding ratios for defined-benefit (DB) plans based on the expected utility that can be achieved in a defined-contribution (DC) pension scheme. Using Monte Carlo simulation, expected utility is computed for three different specifications of utility : power utility,mean-shortfall, andmean-downside deviation.Depending on risk aversion and the level of sophistication ass...

In this paper, we address the issue of determining the optimal contribution rate of a stochastic defined benefit pension fund. The affiliate’s mortality is modelled by a jump process and the benefits paid at retirement are function of the evolution of stochastic salaries. Assets of the fund are invested in cash, stocks and a rolling bond. Interest rates are driven by a Vasicek model. The object...

a r t i c l e i n f o Studies examining pension distribution choices have found that the tendency of private-sector workers is to select lump sum distributions instead of life annuities resulting in leakage of retirement savings. In the public sector, defined benefit pensions usually offer lump sum distributions equal to employee contributions, not the present value of the annuity. Thus, for te...