保单持有人退保行为对变额年金利益保证风险对冲的影响研究

盛传数百年的王阳明于正德二年“寓居”岳麓书院“斤斤讲良知之学”的旧说，当正之为正德三年阳明先生病中游览岳麓书院。虽然阳明此行并未讲学，但有讲学之意，它实际开启了明代书院与学术再度一体辉煌的大门，预示着书院的王学时代即将来临。此后近百年，王门后学徐爱、季本、邹守益、罗洪先、王乔龄、罗汝芳、张元忭、邹元标等接连讲学岳麓，使其成为王学的重要讲坛。但宋元以来形成的朱张之学根深蒂固，影响深远，始终居于正统地位，王阳明及其后学皆表现出应有的尊重，故而岳麓在明代始终没有那种浮诞不逞、空谈良知之习，保留了重践履、务实学的传统。

Research on the Impact of Policyholder Surrender on Hedging of Guaranteed Benefits in Variable Annuities

The paper analyzes the impact of policyholder on hedging of variable annuities with guaranteed benefits. It gives the pricing and hedging model with different policyholder behavior. The paper considers policyholders taking the strategy of no surrender, deterministic surrender and dynamic surrender, at the same time, it uses Monte Carlo Method to simulate the impact of policyholder surrender to the hedging of GMDB, GMMB and GMWB in variable annuities. The numerical analyses indicate that different policyholder surrender has significant impact on hedging of the several guaranteed benefits in variable annuities.