Professors from Ulm University Came to ZJHZCC for Academic Exchange

On the afternoon of August 27, Professor Sebastian Kranz and Professor An Chen from Ulm University came to ZJHZCC to make academic reports on game theory and insurance actuarial science. The seminar was presided over by Jiang Tao, Chancellor of ZJHZCC. Teachers and students of relevant schools participated in this academic exchange activity.

Professor Sebastian Kranz introduced how to use the game theoretic analysis to achieve the Pareto-optimal equilibria of infinitely repeated games. He illustrated with several examples to show that Pareto-optimal equilibria don’t properly reflect plausible concerns of how today’s actions affect future bargaining positions within the relationship. He proposed a new model to solve this problem and discussed it with teachers and students in our college.

Professor An Chen introduced “the optimization of retirement products under subjective mortality expectation”. Taking the subjective mortality expectation of the insured as the research factor, she compared and introduced the characteristics of two kinds of retirement products: annuity system and joint insurance system. She used the actuarial model to analyze the pricing strategy from the perspectives of the policyholder and the insurance company, revealing the principles involved in retirement products. Afterwards, she discussed the issue with the teachers and students at present.

Dr. Sebastian Kranz is currently a professor of Economics at Ulm University. His research interests include management economics, industrial enterprise and competitive strategy, game theory, and behavioral economics. Currently, he is an evaluation expert for a number of economics journals such as Energy Economics, Journal of Economic Theory, etc.

Dr. Ann Chen is a professor of insurance at Ulm University. Her research interests include regulation and valuation of pension insurance and life insurance, optimal asset allocation, exotic options and Parisian options. She is also the Co-editor of the Journal of the International Actuarial Association -- ASTIN-Bulletin, Board member of German Society for Insurance and Financial.

This academic activity is also one of the series of activities marking the 20th anniversary of ZJHZCC.