1. Institute for Risk & Insurance, ZHAW School of Management and Law, Gertrudstrasse 8, 8400 Winterthur, Switzerland
2. Department of Actuarial Science, Faculty of Business and Economics (HEC Lausanne), University of Lausanne, Chamberonne—Extranef, 1015 Lausanne, Switzerland
3. Swiss Finance Institute, University of Lausanne, 1015 Lausanne, Switzerland