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Benchmark-Neutral Risk-Minimization for insurance products and nonreplicable claims
Michael Schmutz, Eckhard Platen, Thorsten Schmidt
https://arxiv.org/abs/2506.19494

Benchmark-Neutral Risk-Minimization for insurance products and nonreplicable claims
In this paper we study the pricing and hedging of nonreplicable contingent claims, such as long-term insurance contracts like variable annuities. Our approach is based on the benchmark-neutral pricing framework of Platen (2024), which differs from the classical benchmark approach by using the stock growth optimal portfolio as the numéraire. In typical settings, this choice leads to an equivalent martingale measure, the benchmark-neutral measure. The resulting prices can be significantly lower …

PDRs4All XIV: CH radical and $H_3^ $ molecular ion in the irradiated protoplanetary disk d203-506
I. Schroetter, O. Bern\'e, J. R. Goicoechea, J. H. Black, O. Roncero, F. Alarcon, P. Amiot, O. Asvany, C. Boersma, S. Br\"unken, J. Cami, L. Coudert, E. Dartois, A. Fuente, B. Gans, A. Gusdorf, U. Jacovella, M. A. Martin Drumel, T. Onaka, E. Peeters, E. Roueff, A. G. G. M. Tielens, M. Zannese

PDRs4All XIV: CH radical and $H_3^+$ molecular ion in the irradiated protoplanetary disk d203-506
Most protoplanetary disks experience a phase in which they are subjected to strong ultraviolet radiation from nearby massive stars. This UV radiation can substantially alter their chemistry by producing numerous radicals and molecular ions. In this Letter we present detailed analysis of the JWST-NIRSpec spectrum of the d203-506 obtained as part of the PDRs4All Early Release Science program. Using state-of-the-art spectroscopic data, we searched for species using a multi-molecule fitting tool, P…