Journal of Inequalities and Applications

Table 1 Comparison of VA benefits between three models

From: A variational inequality arising from optimal surrender of variable annuity with lookback benefit

Model	Surrender at time t	At maturity T
Bernard et al. [1]	\(e^{-\kappa (T-t)}F_{t}\)	\(\max (F_{T},G)\)
Jeon and Kwak [5]	\(e^{-\kappa (T-t)}\max (F_{t}, G)\)	\(\max (F_{T},G)\)
Our model	\(e^{-\kappa (T-t)}\max (\alpha M_{t}, G)\)	\(\max (\alpha M_{T}, G)\)

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