住房反向抵押贷款定价模型的比较分析

HECM Pricing Models' Comparison and Analysis

文中分析比较了两种典型定价模型——支付因子定价模型和保险精算定价模型。从激励机制和约束机制角度比较的结果是,支付因子定价模型的约束更强一些,即可通过设定贷款限额防止银行出现亏损;而保险精算定价模型的激励更大一些,即可通过调节银行的利润率使其有利可图。另外还从老年人的年龄、利率和房价波动入手,分析定价模型的敏感性。

The paper analyzes and compares two classic pricing models： paying-factor pricing model and actuarial pricing model. From the perspective of incentive and constraint,the former has stronger constrains,that is to say,bank can reduce losses by setting credit limits. While the latter is more incentive,that is,bank can gain profit by adjusting its margins. Studied factors such as old age,interest rates and housing price fluctuations,the paper analyzes the sensitivity of these factors on the pricing models.