报告人：陈律 副教授（华东师范大学）

时间：2026年04月17日 14:30-

地点：数统学院LD402

摘要：We explicitly derive and explore the optimal design for a Notional Defined Contribution (NDC) pension plan for loss-averse members with exogenously updating reference levels over time. Drawing on multi-cumulative prospect theory, we model members’ preferences for stable returns and aversion to interim losses, where reference levels evolve based on the current account balance. We present the efficient frontier that highlights the trade-off between the welfare gains of the NDC plan and the risks borne by the pension sponsor. Furthermore, we demonstrate the welfare improvements of the NDC plan compared to the standard Defined Contribution (DC) plan is significant, even with the same final payouts. The suggests that the NDC plan could be a preferable alternative when a Defined Benefit (DB) plan sponsor seeks to terminate the existing DB plan and transition to an alternative pension structure.

邀请人：张志民

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