[10]Milevsky， M.A.and S.D.Promislow.Mortality derivatives and the option to annuitize[J]. Insurance： Mathematics and Economics，2001，（29）：299.318.
[11]Cairns， A.J.G.， D.Blake， P. Dawson， and K.Dowd.Pricing the risk on longevity bonds[J]. Life and Pensions， October，2005，（10）：41-44.
[12]Deng， Y.， P. L Brockett， and R. D. MacMinn.Longevity/mortality risk modeling and securities pricing[J]. Journal of Risk and Insurance，2012，79（3）：697-721.
（責任編輯：寧曉青）
The Operational Mechanisms and Pricing Models of Longevity Bonds
XIE Shiqing
. （School of Economics Peking University， Beijing 100871， China）.
Abstract：By analyzing the market development of longevity bonds and two different operational mechanisms of continuous and triggered longevity bonds， and deducing a pricing formula of longevity bonds with DEJD mortality model using riskneutral pricing method， this paper finds that the triggered longevity bonds seem to be a more reasonable option than continuous longevity bonds to deal with longevity risk both from the theoretical and practical perspectives.
Key words：Life Insurance Securitization； Longevity Risk； Longevity Bonds； Pricing Model
[11]Cairns， A.J.G.， D.Blake， P. Dawson， and K.Dowd.Pricing the risk on longevity bonds[J]. Life and Pensions， October，2005，（10）：41-44.
[12]Deng， Y.， P. L Brockett， and R. D. MacMinn.Longevity/mortality risk modeling and securities pricing[J]. Journal of Risk and Insurance，2012，79（3）：697-721.
（責任編輯：寧曉青）
The Operational Mechanisms and Pricing Models of Longevity Bonds
XIE Shiqing
. （School of Economics Peking University， Beijing 100871， China）.
Abstract：By analyzing the market development of longevity bonds and two different operational mechanisms of continuous and triggered longevity bonds， and deducing a pricing formula of longevity bonds with DEJD mortality model using riskneutral pricing method， this paper finds that the triggered longevity bonds seem to be a more reasonable option than continuous longevity bonds to deal with longevity risk both from the theoretical and practical perspectives.
Key words：Life Insurance Securitization； Longevity Risk； Longevity Bonds； Pricing Model