Survivor Swaps
生存者互换是一种基于生存指数交换未来现金流的合约，可用于管理、对冲和交易死亡率相关风险，尤其对保险公司有用，并探讨了在不完全市场中如何定价。
Abstract A survivor swap (SS) is an agreement to exchange cash flows in the future based on the outcome of at least one survivor index. This article discusses the possible uses of SSs as instruments for managing, hedging, and trading mortality‐dependent risks. SSs are especially useful for insurance companies, but also offer other interested parties low beta avenues into the acquisition of mortality risk exposure. The article also investigates vanilla SSs in some detail, and suggests how their premiums and values might be determined in an incomplete market setting.