Research

Research Interests

• Variable annuity

• Registered index-linked annuity

• Pension economics

• Stochastic control in finance and insurance

Refereed Journal Publications

• Chen, L., Li, D., Wang, Y., and Zhu, X. (2025). Equilibrium intergenerational risk sharing design for a target benefit pension plan. Insurance: Mathematics and Economics. Forthcoming.

• Chen, L., Li, D., Wang, Y., and Zhu, X. (2024). Optimal VIX-linked structure for the target benefit pension plan. Astin Bulletin, 54(1), 75-93.

• Chen, L., Li, D., Wang, Y., and Zhu, X. (2022). The optimal cyclical design for a target benefit pension plan. Journal of Pension Economics and Finance, 22(3), 284-303.

• Landriault, D., Li, B., Li, D., and Wang, Y. (2021). High-water mark fee structure in variable annuities. Journal of Risk and Insurance, 88(4), 1057-1094.

Manuscripts

• Dai, M., Li, B., Li, D., and Wang, Y. (2021). Risk-Sharing Pricing of Variable Annuities within a Principal-Agent Framework.  Submitted for publication.

Selected Working Papers

• Li, B., Pedraza-Ramirez, J., and Wang, Y. (2025+). On marketability of registered index-linked annuities. 

• Li, B., Wang, Y., Yu, Y. (2025+). Limited attention in variable annuities.

• Li, D. , Wang, Y., Wang, Z., Zhu, X. (2025+). Lapse-and-reentry of variable annuities.

• Landriault, D., Li, B., Li, D. , and Wang, Y. (2025+). Optimal reinsurance to minimize expected cumulative drawdowns.

Grants

• 2025-2030      NSERC Discovery Grant (RGPIN-2025-06865, PI)                     

• 2025-2030      NSERC Discovery Launch Supplement