Di erential Equations in Finance and Life Insurance - ku

personal nance and introduced uncertainty of life times. A connection to the Markov chain model of an insurance contract was suggested in Ste ensen (2004). In Nielsen (2004) a related problem is solved. We state the Bellman equations for the decision problems solved by Merton (1990) and Ste ensen (2004), including an indication of the solution. ................
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