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has been cited by the following article:

• TITLE: Stackelberg Differential Game for Target Benefit Pension Plans

  AUTHORS: Jiachen Chen, Jianting Qie

  KEYWORDS: Target Benefit Plan, Stackelberg Differential Game, Reinsurance, Stochastic Optimal Control

  JOURNAL NAME: Modern Economy, Vol.16 No.11, November 12, 2025

  ABSTRACT: In this paper, a Stackelberg game model is constructed between a Target Benefit Pension (TBP) fund and a reinsurance company. The model features the following characteristics: the contribution rate of plan members is predetermined, while the pension payment level depends on the plans financial status and involves a risk-sharing mechanism across generations. Both participants invest in risk-free and risky assets. By applying stochastic optimal control methods, closed-form solutions are derived for the Stackelberg differential game model.