A Model for the Determination of “Fair” Premiums on Lease Cancellation Insurance Policies
提出一个或有权益模型，用于确定可撤销经营租赁的取消保险的公平保费，并分析了保费对资产经济折旧率和风险的敏感性。
ABSTRACT Lease cancellation insurance protects the lessor against early termination of a cancellable operating lease. This paper presents a contingent claims model for determining the “fair” premium for this type of insurance policy. Comparative statics are considered, and some numerical examples are presented to illustrate the model. Among other things, the insurance premium is sensitive to the expected rate of economic depreciation of the leased asset and to the leased asset's systematic and nonsystematic risk.