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Cass PhD student awarded prestigious Dimitris N. Chorafas Foundation Award

Third year actuarial science student Anran Chen scoops award

by Amy Ripley (Senior Communications Officer)

Anran Chen, a third year PhD actuarial science student at Cass, has been awarded the 2017 Dimitris N. Chorafas Foundation Award for her thesisThe Impact of Behavioural Factors in Annuitisation Decisions and Decumulation Strategies.

The prestigious award offers a prize of $5,000 that rewards scientific contributions made independently by junior scientists in their last year of PhD thesis preparation.  Prizes are awarded annually by the Swiss-based Chorafas Foundation with the goal of stimulating promising young researchers.

Anran has completed her PhD in the year 2017.  Her thesis investigates the annuity product design in the UK and other countries, and proposes the use of deferred annuity products to optimise the consumption in the post-retirement period.

Anran said:

“This award is a great honour and very encouraging for me as  a young researcher.  I would like to thank my supervisors, Professors Steve Haberman and Steve Thomas, for their guidance and support throughout my PhD.”

Professor Marianne Lewis, Dean, Cass Business School, said:

"We warmly congratulate Anran on this significant achievement which will further launch her research career.  Our Faculty of Actuarial Science and Insurance is one of the leading actuarial departments in the world, providing thought leadership that shapes policy and regulation.  Anran's research is an excellent example of this."

L-R: Professor Steve Thomas, Professor Marianne Lewis, Professor Steve Haberman, Dr Andreas Tsanakas

In recent news, the Scientific Committee at the 2017 International Actuarial Association — Life Section (IAALS) Colloquium awarded the best paper prize in the theoretical contributions category to a paper by Professor Haberman, Professor Thomas and Ms Chen.  The paper was entitled Why the deferred annuity makes sense - an application of hyperbolic discounting to the annuity puzzle.

The awards of the Chorafas Foundation are granted directly to prize winners selected by partner universities in Europe, North America, the Middle East and Asia. They are given to the best doctorate students as chosen by each partner university and confirmed by the Board of the Foundation.

The prize is awarded for clarity of the work, the originality and efficiency of the proposed numerical techniques, the ability to fix previously reported limitations in the relevant literature, and the student's practical applicability.

The Dimitris N. Chorafas Foundation was established in March 1992. It is a collaboration with the Swiss Academy of Engineering Sciences, Swiss Academy of Humanities and Social Sciences, Swiss Academy of Medical Sciences, and Swiss Academy of Natural Sciences.

The Foundation is dedicated to rewarding outstanding performance and helping individuals complete higher degrees and significant research projects. It aims to encourage significant future contributions to science and technology.

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