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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 \(e^{-\kappa (T-t)}\max (\alpha M_{t}, G)\) \(\max (\alpha M_{T}, G)\)