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Actuarial Publications of Krzysztof M. Ostaszewski

(this page is continuously under construction)



  • Hong Mao and Krzysztof Ostaszewski, “Optimal Claim Settlement Strategies under Constraint of Cap on Claim Loss,” Mathematics, Special Issue: Mathematical Economics and Insurance, 2021, 9(24), 3284; https://doi.org/10.3390/math9243284.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course P Examination,2021 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course FM Examination,2021 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course IFM Examination,2021 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course LTAM Examination, 2021 edition, self published.

  • James Carson, Cameron Ellis, Rob Hoyt, and Krzysztof Ostaszewski, “Sunk Costs and Screening: Two-Part Tariffs in Life Insurance,” Journal of Risk and Insurance, 2020, Vol. 87, No. 3, pp. 689–718.
  • Krzysztof Ostaszewski, “Life, Family and the Pursuit of Retirement,” Proceedings of the Hawaii University International Conference, Honolulu, Hawaii, 2020.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course P Examination,2020 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course FM Examination,2020 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course IFM Examination,2020 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course LTAM Examination, 2020 edition, self published.

  • Hong Mao, Krzysztof Ostaszewski, and Zhongkai Wen, “The Retirement Decision with Consideration of Part‐Time Work After Retirement,” Journal of Insurance Issues, 2019, 42 (1): 86–112.
  • Alex Patkowski and Krzysztof Ostaszewski, “A Remark On An Annuity Payment Structure,” Proceedings of the ICMA19 – 2nd International Conference on Mathematical Applications, July 8-11, 2019, University of the Azores, pp. 35-36.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course P Examination,2019 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course FM Examination,2019 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course IFM Examination,2019 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course LTAM Examination, 2019 edition, self published.

  • Hong Mao, James M. Carson, and Krzysztof Ostaszewski, “Is Risk Taking Beneficial to the Insured and to Society?” Journal of Insurance Issues, 2018, 41(2), pp. 215–230.
  • Hong Mao, James M. Carson, and Krzysztof Ostaszewski, “Optimal Price Setting and Insurer Capital Management in a Multiple Line Context,” Asia-Pacific Journal of Risk and Insurance, Volume 12, Issue 1, January 2018, pp. 1-22.
  • Hong Mao and Krzysztof Ostaszewski, “Models for Optimization Decision of Capital And Investment Strategy of Life Insurer with Stochastic Assets and Liabilities,” pp. 11-16 in Proceedings of International Conference on Mathematical Applications, July 9-12, 2018, Madeira-Portugal.
  • James Jones and Krzysztof Ostaszewski, “Insurance and Environmental Sustainability,” 2018, Society of Actuaries online monograph, first prize winner in the Society of Actuaries Environmental Sustainability Call for Essays.
  • James Jones and Krzysztof Ostaszewski,”I’m just an industry whose intentions are good, Oh Lord, please don’t let me be misunderstood!” pp. 197-205 in Contributions to Risk Analysis: RISK 2018, Cuadernos de la Fundacion C/223, edited by Jose Maria Sarabia, Faustino Prieto, and Montserrat Gullen, Mapfre Foundation, Madrid, Spain, 2018.
  • Krzysztof Ostaszewski, “The Social Purpose of Insurance and Why It Matters,” Proceedings of the Hawaii University International Conference,Honolulu, Hawaii, 2018.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course P Examination,2018 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course FM Examination,2018 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course MFE Examination,2018 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course MLC Examination, 2018 edition, self published.

  • Mao, Hong, James M. Carson, and Krzysztof Ostaszewski, “Optimal Insurance Pricing, Reinsurance, and Investment for a Jump Diffusion Risk Process Under a Competitive Market” Journal of Insurance Issues, 40(1), 2017, pp. 90-124.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course P Examination,2017 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course FM Examination,2017 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course MFE Examination,2017 edition, self published.
  • Krzysztof Ostaszewski, BTDT Study Manual for the Society of Actuaries Course MLC Examination,2017 edition, self published.

  • Hong Mao, Krzysztof Ostaszewski, Yuling Wang, and Zhongkai Wen, “Optimal contribution and investment in a defined benefit pension plan under the expected shortfall constraint,” chapter 9 (pp. 153-171) in the monograph Public Risk Management: Perspective of Theory and Practice, Tome 1, edited by Józef Myrczek and Piotr Tworek, Publishing House of University of Economics in Katowice, 2016.
  • Hong Mao, James M. Carson, Krzysztof Ostaszewski, Yan Luo, and Yuling Wang, “Determining the Insurer’s Optimal Investment and Reinsurance Strategy Based on Stochastic Differential Game,” Journal of Insurance Issues, 39(2), 2016, pp. 187-202.
  • Hong Mao, James M. Carson, Krzysztof Ostaszewski, and Yuling Wang, “Determination of Optimal Cap on Claim Settlements Based on Social Benefit Maximization,” Journal of Insurance Regulation,35(3), 2016, pp. 1-23.
  • Hong Mao, James M. Carson, and Krzysztof Ostaszewski, “Optimization of Dynamic Minimum Guarantee Return, Investment And Reinsurance Strategy By Balancing the Risks And Benefit of Both Insurers’ And Consumers,” Journal of Insurance and Finance, 2016, 2, pp. 81-105. This paper received a prize for the best paper published in this edition of the Journal of Insurance and Finance.
  • Krzysztof Ostaszewski, “Retirement: Choosing between Bismarck and Copernicus”, chapter in the monograph Risk Strategies Pertaining to the Many and Diverse Risks Found in Retirement, Society of Actuaries, Schaumburg, Illinois, 2016. This paper received the second prize in the Society of Actuaries retirement risks essay competition.
  • Krzysztof Ostaszewski, ASM Study Manual for the Society of Actuaries Course P / Casualty Actuarial Society Course 1 Examination, Seventeenth Edition (for 2016) The Actuarial Bookstore, Greenland, New Hampshire, 2016.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course FM Examination,2016 edition, self published with The Actuarial Bookstore.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course MLC Examination,2016 edition, self published with The Actuarial Bookstore.

  • Hong Mao, James M. Carson, and Krzysztof Ostaszewski, and Wei Hao, “Integrated Determination of Insurer Capital, Investment, and Reinsurance Strategy,” Journal of Insurance Regulation, 34(6), 2015, pp. 1-29.
  • Krzysztof Ostaszewski, “Emerging insurance regulation in the European Union and the United States” Prawo Asekuracyjne,No. 3, September 2015.

  • Hong Mao, Krzysztof Ostaszewski, and Yuling Wang, “Optimal retirement age, leisure and consumption,” Economic Modelling 43 (2014), pp. 458–464.
  • Hong Mao, James M. Carson, Krzysztof Ostaszewski, and Yuling Wang, “Unified and Dynamic Monitoring of Solvency of Property and Liability Insurance Companies,” Quality Technology & Quantitative Management, Vol. 11, No. 4, pp. 363-382, 2014.
  • Krzysztof Ostaszewski, “It’s the real economy, stupid!,” pp. 253-268, chapter in Rozne oblicza zarzadzania ryzykiem, research monograph edited by Juliusz Kotynski, published by Vistula University, Warsaw, Poland, April 2014.
  • Krzysztof Ostaszewski, The Public Pensions Crisis in the U.S., A Geneva Association Report, Geneva, Switzerland, April 2014.
  • Krzysztof Ostaszewski, ASM Study Manual for the Society of Actuaries Course P / Casualty Actuarial Society Course 1 Examination,Sixteenth Edition, Second Printing, The Actuarial Bookstore, Greenland, New Hampshire, 2014.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course FM Examination,2014 edition, self published with Actex Publications and The Actuarial Bookstore.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course MLC Examination,2014 edition, self published with Actex Publications and The Actuarial Bookstore.
  • Peter Murdza and Krzysztof Ostaszewski, Actex MLC Review Questions, 2014 Edition, Actex Publications.

  • James M. Carson, Hong Mao, and Krzysztof Ostaszewski, “Stochastic Dynamic Optimization Model of Insurance Pricing Under the Assumption of Linear Demand,” Chapter 2, pp. 115-139 in Zastosowanie Metod Ilosciowych w Zarzadzaniu Ryzykiem w Dzialalnosci Inwestycyjnej, edited by Andrzej Stanislaw Barczak and Piotr Tworek, Wydawnictwo Uniwersytetu Ekonomicznego w Katowicach, Katowice, Poland, December 2013.
  • Krzysztof Ostaszewski and Anthony Webb, “Guest Editorial,” The Geneva Papers on Risk and Insurance: Issues and Practice38, October 2013, pp. 635-637.
  • Krzysztof Ostaszewski, “Editorial: The Fierce Urgency of Now!,” Newsletter: Life and Pensions, The Geneva Association, No. 53, September 2013, pp. 1-2.
  • Krzysztof Ostaszewski, “The effect of Pillar 1 on efficient investment portfolio choice in the case of the United States,” The Geneva Papers on Risk and Insurance: Issues and Practice38, October 2013, pp. 675-700.
  • Hong Mao, James M. Carson, Krzysztof Ostaszewski, and Yuling Wang, “Pricing of Deposit Insurance Considering Investment, Deductibles and Policy Limit,” Journal of Insurance Issues, 36 (2), Fall 2013, pp. 149–174.
  • Hong Mao, James M. Carson, Krzysztof Ostaszewski, and Yuling Wang, “Unified and Dynamic Monitoring of Solvency of Property and Liability Insurance Companies,” Quality Technology & Quantitative Management, forthcoming in 2013.
  • Hong Mao, James M. Carson, Krzysztof Ostaszewski, and Zhongkai Wen, “Optimal Decision on Dynamic Insurance Price and Investment Portfolio of an Insurer,” Insurance: Mathematics and Economics, 52, 2013, pp. 359–369.
  • Krzysztof Ostaszewski, “Editorial,” The Four Pillars Newsletter: Research on Insurance, Retirement and Social Security, No. 52, March 2013, pp. 1-2.
  • Juergen Deller and Krzysztof Ostaszewski, “Report on ‘The Four Pillars: The Next 25 Years’ Conference of the Geneva Association, The Four Pillars Newsletter: Research on Insurance, Retirement and Social Security, No. 52, March 2013, pp. 2-4.
  • Krzysztof Ostaszewski, “Participants of the Conference Strongly Endorse the Four Pillars Concept,” The Four Pillars Newsletter: Research on Insurance, Retirement and Social Security, No. 52, March 2013, pp. 4-5.
  • Krzysztof Ostaszewski, “The Role of Price Signals from the Insurance Industry for the Four Pillars,” Etudes et Dossiers No. 395, February 2013, The Geneva Association, Geneva, Switzerland.
  • Krzysztof Ostaszewski, ASM Study Manual for the Society of Actuaries Course P / Casualty Actuarial Society Course 1 Examination,Sixteenth Edition, The Actuarial Bookstore, Greenland, New Hampshire, 2013.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course FM Examination,2013 edition, self published with Actex Publications and The Actuarial Bookstore.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course MLC Examination, 2013 edition, self published with Actex Publications and The Actuarial Bookstore.
  • Peter Murdza and Krzysztof Ostaszewski, Actex MLC Review Questions, 2013 Edition, Actex Publications.
  • Krzysztof Ostaszewski, Actex MLC Six Practice Exams, 2013 Edition, Actex Publications. 

  • James M. Carson, Christopher Clark, Krzysztof Ostaszewski, “The incentives and welfare economics of life insurance backdating,” Journal of Insurance Regulation, 31(2012), pp. 91-103.
  • James Jones and Krzysztof Ostaszewski, “Illinois State University: Creating Actuarial Capacity in Rare Harmony,” Chapter 3.5, pp. 81-86, in Promoting Microinsurance in Ghana, published by the National Insurance Commission of Ghana and Deutsche Gesellschaft für Internationale Zusammenarbeit, Accra, Ghana, 2012.
  • Krzysztof Ostaszewski, “An Interview with Mr Johan van Zyl, CEO of Sanlam, South Africa”, The Four Pillars Newsletter: Research on Insurance, Retirement and Social Security, No. 51, September 2012, pp. 21-22.
  • Krzysztof Ostaszewski, “The Holistic View: Why All Four Pillars Need to Work in Concert”, The Four Pillars Newsletter: Research on Insurance, Retirement and Social Security, No. 51, September 2012, pp. 2-8.
  • Krzysztof Ostaszewski, “Editorial,” The Four Pillars Newsletter: Research on Insurance, Retirement and Social Security, No. 51, September 2012, pp. 1-2.
  • Krzysztof Ostaszewski, “The financial crisis: impact on the four pillars of old-age protection” (Chapter 4) and “The holistic view: why all pillars need to work in concert” (Chapter 8), in Addressing the Challenge of Global Ageing—Funding Issues and Insurance Solutionsedited by Patrick M. Liedtke and Kai-Uwe Schanz, The Geneva Association, Geneva, Switzerland, 2012.
  • Krzysztof Ostaszewski, “ALM in Financial Intermediation: The Derivatives Business,” chapter (pp. 111-121) in Asset–Liability Management for Financial Institutions,edited by Bob Swarup, A & C Black Publishers Ltd., London, England, 2012.
  • Krzysztof Ostaszewski, ” The Four Pillars: Looking at the Last 25 Years and the Next 25 Years,” The Four Pillars Newsletter: Research on Insurance, Retirement and Social Security, No. 50, March 2012, pp. 1-5.
  • Krzysztof Ostaszewski, ASM Study Manual for the Society of Actuaries Course P / Casualty Actuarial Society Course 1 Examination,Fifteenth Edition, Actuarial Study Materials, Merrick, New York, 2012. Also, an online version published by Coaching Actuaries.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course FM Examination,2012 edition, self published with Actex Publications and The Actuarial Bookstore.
  • Krzysztof Ostaszewski, Study Manual for the Society of Actuaries Course MLC Examination,2012 edition, self published with Actex Publications and The Actuarial Bookstore.
  • Peter Murdza and Krzysztof Ostaszewski, Actex MLC Review Questions, 2012 Edition, Actex Publications.
  • Krzysztof Ostaszewski, Actex MLC Five Practice Exams, 2012 Edition, Actex Publications. 
  • Hong Mao and Krzysztof Ostaszewski, “Insurance Pricing, Reinsurance and Investment Decision Based on the Mutual Benefit of the Insurer and the Customer,” Proceedings of the 2011 IEEE International Conference on Industrial Engineering and Engineering Management, December 2011, pp. 91-95.



















  • Krzysztof Ostaszewski, An Investigation into Possible Applications of Fuzzy Sets Methods in Actuarial Science, Society of Actuaries Monograph, Schaumburg, Illinois, 1993.
  • Waldemar Karwowski and Krzysztof Ostaszewski, “Towards fuzzy actuarial credibility”, Proceedings of the North American Fuzzy Information Processing Society,1993 Annual Meeting, Allentown, Pennsylvania, August 1993.
  • Krzysztof Ostaszewski, “Fuzzy Sets Methods in Actuarial Science”, abstract in the Actuarial Research Clearing House,1993.1, pp. 333-334.


  • Krzysztof Ostaszewski, “Zmienne losowe i rozmyte w naukach aktuarialnych” (in Polish, translates as “Random and fuzzy variables in actuarial science”), Proceedings of the Twentieth Applied Mathematics Conference of the Polish Academy of Sciences, Zakopane, Poland, September 1991.

  • Waldemar Karwowski, and Krzysztof Ostaszewski, “Fuzzy modeling of risk in investment analysis,” in: Computing and Information, edited by R. Janicki and W. Koczkodaj, North-Holland, Amsterdam, 1989, pp. 503-505.
  • Krzysztof Ostaszewski, “Fuzzy modeling of risk”, Proceedings of the Southeast Asian Mathematical Society Regional Conference on Mathematics, Gadjah Mada University, Yogyakarta, Indonesia, 1989, 71-73.

All information contained here is, to our best knowledge, correct, but it is merely a representation, and should not be considered to be any form of professional advice. This electronic publication should not be misconstrued as the official position of Illinois State University, or its Department of Mathematics. We are glad to provide as much information as possible here, but we kindly ask that in any decision related to matters listed here you seek additional counsel and information. Comments on this Home Page are welcome and should be sent to Dr. Krzysztof Ostaszewski  at his e-mail address: krzysio@ilstu.edu.

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