Department of

Mathematics


Seminar Calendar
for events the day of Wednesday, April 15, 2015.

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      March 2015             April 2015              May 2015      
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  1  2  3  4  5  6  7             1  2  3  4                   1  2
  8  9 10 11 12 13 14    5  6  7  8  9 10 11    3  4  5  6  7  8  9
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 29 30 31               26 27 28 29 30         24 25 26 27 28 29 30
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Wednesday, April 15, 2015

4:00 pm in 145 Altgeld Hall,Wednesday, April 15, 2015

Adverse Selection in Secondary Insurance Markets: Evidence from the Life Settlement Market

Nan Zhu (Illinois State Math)

Abstract: We use data from a large US life expectancy provider to test for asymmetric information in the secondary life insurance—or life settlement—market. We compare the average difference between realized lifetimes and estimated life expectancies for a sub-sample of settled policies relative to the entire sample. We find a significant positive difference indicating private information on mortality prospects. Using non-parametric estimates for the excess mortality and survival regressions, we show that the informational advantage is temporary and wears off over five to six years. We argue this is in line with adverse selection on an individual’s condition, which has important economic consequences for the life settlement market and beyond.

4:00 pm in 245 Altgeld Hall,Wednesday, April 15, 2015

Fractal solutions of dispersive PDE

Burak Erdogan (Department of Mathematics, University of Illinois at Urbana-Champaign)