Selected Professional Publications of Krzysztof M. Ostaszewski

(This list only contains only a sample. Complete record of publications is here)



• Rafal Borkowski and Krzysztof Ostaszewski, "The Inflection Point of the Laffer Curve," Proceedings of the Hawaii University International Conference, Honolulu, Hawaii, 2017.
• 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.


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.

• 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, "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 Practice 38, 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 Zhongkai Wen, "Optimal Decision on Dynamic Insurance Price and Investment Portfolio of an Insurer," Insurance: Mathematics and Economics, 52, 2013, pp. 359–369.


• 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.

• Patrick Muldowney, Krzysztof Ostaszewski, and Wojciech Wojdowski, "The Darth Vader Rule," Tatra Mountains Mathematical Publications, Volume 52, Issue 1, November 2012, pp. 53-63.
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, "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 Solutions, edited 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.
• Roger Eggleton and Krzysztof Ostaszewski, "The 6666 Problem," The Mathematical Gazette, Volume 96, Number 535, March 2012, pp. 39-48.


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.
• Hong Mao, Krzysztof Ostaszewski, and Yuling Wang, “Pricing Annuity Insurance Integrating Mortality Improvement Risk, Interest Rate Risk, Insolvency Risk and Insurance Demand,” Proceedings of the 2011 IEEE International Conference on Industrial Engineering and Engineering Management, December 2011, pp. 704-708.

Hong Mao, Krzysztof Ostaszewski, and Youyu Zhang, "Dynamic Models for Valuation of Wrongful Death Compensation," Chapter 6 in: Investigaciones En Seguros Y Gestion Del Riesgo: Riesgo 2011, edited by Jose Manuel Feria, Enrique J. Jimenez, and Montserrat Guillen, Instituto del Ciencias del Seguro, Seville, Espana, 2011.

Katie School of Insurance and Financial Services (Research team: James R. Jones, Askar Choudhury Domingo Joaquin, Aslihan Spaulding, Krzysztof Ostaszewski, Genevieve Amamoo, Horace Melton, Marjorie Danso-Manu, Richard Bill, Mukthar Mahdi, and Asliddin Odilov), "Establishing An Index Insurance Triggers for Crop Loss in Northern Ghana". Research Paper No. 7, September 2011, Microinsurance Innovation Facility, International Labour Office, Geneva, Switzerland.

• Hong Mao, Krzysztof Ostaszewski, and Yuling Wang, "Deciding Whether a Life Insurance Contact Should be Reinstated," Journal of Insurance Issues vol. 34, No. 1, Spring 2011.
• "I Want You to Feel Your Pain," chapter located on pages 55-57 in: Risk Management: Part Two -- Systemic Risk, Financial Reform, and moving Forward from the Financial Crisis, online monograph presented by the Society of Actuaries, the Casualty Actuarial Society, and the Canadian Institute of Actuaries, January 14, 2011.


• Hong Mao and Krzysztof Ostaszewski, “Pricing Insurance Contracts and Determining Optimal Capital of Insurers,” Proceedings of the 2010 IEEE International Conference on Industrial Engineering and Engineering Management, December 2010, pp. 1-5.
Stanislaw Kluza and Krzysztof Ostaszewski, "Getting to grips with EU financial supervision," The Banker, March 31, 2010.


Krzysztof Ostaszewski,  "Modigliani, Miller and Mortgages", chapter in Housing in Retirement online monograph published by the Society of Actuaries.

• James Rizzo, Krzysztof Ostaszewski, and Piotr Krekora, "Revisiting Pension Actuarial Science," part of Public Pensions Finance Symposium of the Society of Actuaries.

• Hong Mao and Krzysztof Ostaszewski,  "Alternative Pricing Models of Deposit Insurance Under Capital Forbearance," Asia-Pacific Journal of Risk and Insurance, 3(2) (2009), 84-92.


• Krzysztof Ostaszewski, "The Upside of a Downturn", pp. 8-10 in Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications, online research monograph edited by Don Mango, Marc Altschull, Dave Ingram, and Wayne Fisher, published by the Society of Actuaries, December 2008.

• Krzysztof Ostaszewski, "The Great Invisible Pension Reform in the United States," Chapter 4 in Pension Provision: Government Failure Around the World, edited by Philip Booth, Oskari Juurikkala and Nick Silver, The Institute of Economic Affairs, London, United Kingdom, 2008.

• Hong Mao and Krzysztof Ostaszewski, "Pricing Equity-Linked Life Insurance Contracts with Minimum Interest Rate Guarantee in Partial Equilibrium Framework," German Risk and Insurance Review 4 (2008), 28-53.

• Hong Mao, Krzysztof Ostaszewski, and Yuling Wang, "Risk Analysis of Mortality Improvement: The Case of Chinese Annuity Markets," The Geneva Papers on Risk and Insurance: Issues and Practice 33 (2008), 234–249. This paper received the Science and Technology Association of Shanghai Pudong Prize, in Shanghai, China, in January 2010.

Richard Derrig and Krzysztof Ostaszewski, "Insurance" Chapter 20 in: Handbook of Probability: Theory and Applications, edited by Tamas Rudas, Sage Publications, Thousand Oaks, California, 2008.


• Hong Mao and Krzysztof M. Ostaszewski, "Application of Game Theory to Pricing of Participating Deferred Annuity," Journal of Insurance Issues 30 (2007), pp. 102-121.

• Jinadasa Gamage, Jed Linfield, Krzysztof Ostaszewski, and Steven Siegel, Statistical Methods for Health Actuaries -- IBNR Estimates: An  Introduction, online publication by the Society of Actuaries, accompanied by workbooks illustrating use of regression and simulation techniques for IBNR reserving.

Krzysztof Ostaszewski, "Social Security and My G-g-generation," The Actuary, Society of Actuaries, Schaumburg, Illinois, April/May 2007.


Richard MacMinn, Krzysztof Ostaszewski, Ranee Thiagarajah, and Frederik Weber, "Mortality improvement select birth cohorts and their effect on pricing of survivor bonds," in: Re-Envisioning Retirement in the 21-st Century, Society of Actuaries Monograph, Schaumburg, Illinois, June 2006.


  • Babu Nahata, Krzysztof Ostaszewski, and P.K. Sahoo, "Rising Health Care Expenditures: A Demand-Side Analysis," Journal of Insurance Issues vol. 28, No. 1, Spring 2005, pp. 88-102.
  • Leslaw Gajek, Krzysztof Ostaszewski, and Hans-Joachim Zwiesler, "A Primer on Duration, Convexity, and Immunization," Journal of Actuarial Practice, 12(2005), pp. 59-82.
  • Richard MacMinn, Krzysztof Ostaszewski, Ranee Thiagarajah, and Frederik Weber, "An Investigation of Select Birth Cohorts," in: Living to 100 and Beyond, Society of Actuaries Monograph, Schaumburg, Illinois, January 2005.

  • Leslaw Gajek and Krzysztof Ostaszewski, Financial Risk Management of Pension Plans, Elsevier, Amsterdam, The Netherlands, 2004.
  • Richard Derrig and Krzysztof Ostaszewski, "Fuzzy Sets" pp. 747-750 in: Encyclopedia of Actuarial Science, Volume 2, John Wiley & Sons, Ltd., Chichester, West Sussex, England, 2004.
  • Hong Mao, James M. Carson, Krzysztof M. Ostaszewski, and Shoucheng Luo, "Pricing Life Insurance: Combining Economic, Financial, and Actuarial Approaches," Journal of Insurance Issues 27 (2004), pp. 134-159.
  • James M. Carson and Krzysztof Ostaszewski, "The actuarial value of life insurance backdating," Journal of Actuarial Practice 11(2004), pp. 63-77.

  • Krzysztof Ostaszewski, "Asset/liability risks and the nature of financial intermediation," Chapter 2 (pp. 20-30) in: Asset/Liability Management of Financial Institutions, edited by Leo Tilman, Euromoney Institutional Investor, London, United Kingdom, 2003.
  • Krzysztof Ostaszewski and Grzegorz Rempala, "Emerging Applications of the Resampling Methods in Actuarial Models," Chapter 15 (pp. 523-560) in Intelligent and Other Computational Techniques In The Insurance Industry: Theory and Applications, edited by Lakhmi Jain and Arnold Shapiro, World Scientific, 2003.
  • Stanislaw Kluza and Krzysztof Ostaszewski, "Pension reform in Poland," Chapter 5 (pp. 71-87) in The Welfare State in Emerging-Market Economies: With Case Studies from Latin America, Eastern-Central Europe, and Asia, edited by Christian Aspalter, Casa Verde Publishing, Taichung City, Taiwan, 2003.
  • Krzysztof Ostaszewski, "Is life insurance a human capital derivatives business?" Journal of Insurance Issues 26 (2003), pp. 1-14. This paper received the Hardigree Award for the best research paper published in 2003 in the Journal of Insurance Issues.

  • Krzysztof Ostaszewski, Asset-Liability Integration, Society of Actuaries Monograph M-F102-1, Schaumburg, Illinois, June 2002.
  • Leslaw Gajek and Krzysztof Ostaszewski, Plany Emerytalne: Zarzadzanie Aktywami i Zobowiazaniami, (in Polish, translates as: Pension Plans: Asset-Liability Management), Wydawnictwo Naukowo-Techniczne Warsaw, Poland, May 2002.

  • Leslaw Gajek and Krzysztof Ostaszewski, "Optimal funding of a liability," Journal of Insurance Issues 24(1-2), 2001, pp. 17-29.
  • Krzysztof Ostaszewski, "Macroeconomic aspects of private retirement programs," North American Actuarial Journal, Volume 5, Number 3, July 2001, pp. 52-64.

  • Richard Derrig, Krzysztof Ostaszewski and Grzegorz Rempala, "Applications of resampling methods in actuarial practice," Proceedings of the Casualty Actuarial Society, Volume 87, Fall 2000, pp. 322-364.

  • Babu Nahata, Krzysztof Ostaszewski, and P.K. Sahoo, "Buffet Pricing," The Journal of Business, vol. 72, No. 2, April 1999, pp. 215-228.
  • Richard Derrig and Krzysztof Ostaszewski, "Fuzzy sets methodologies in actuarial science," Chapter 16 in: Practical Applications of Fuzzy Technologies, edited by Hans-Juergen Zimmerman, Kluwer Academic Publishers, Norwell, Massachusetts, 1999, pp. 531-556.

  • Patricia Cerrito, Dennis Olson, and Krzysztof Ostaszewski, "Nonparametric tests for the random walk in stock prices," Advances in Quantitative Analysis of Finance and Accounting, vol. 6, 1998, pp. 27-36.
  • Krzysztof Ostaszewski, "Is Paul v. Virginia dead?", pp. 351-360 in: Fair Value of Insurance Liabilities, edited by I.T. Vanderhoof and E. Altman, Kluwer Academic Publishers, Boston, 1998.

  • Richard Derrig and Krzysztof Ostaszewski, "Managing the tax liability of property-casualty insurance company", Journal of Risk and Insurance, December 1997, volume 64, No. 4, pp. 695-711.
  • Krzysztof Ostaszewski, " Privatizing the Social Security trust fund? Don't let the government invest," Cato Institute, Social Security Paper No. 6, January 14, 1997.

  • Richard Derrig and Krzysztof Ostaszewski, "Fuzzy techniques of pattern recognition in risk and claim classification", Journal of Risk and Insurance, September 1995, volume 62, No. 3, pp. 447-482. This paper received the 2005 American Risk and Insurance Association Robert I. Mehr Award for a paper that "best stood the test of time".
  • Zoltan Buczolich and Krzysztof Ostaszewski, "The Hausdorff dimension of graphs of density continuous functions II", Proceedings of the American Mathematical Society 123(6) (1995), pp. 1821-1825.

  • Krzysztof Ciesielski, Lee Larson, and Krzysztof Ostaszewski, I-Density Continuous Functions, Memoirs of the American Mathematical Society, No. 515, Providence, Rhode Island, 1994.

  • Krzysztof Ostaszewski, An Investigation into Possible Applications of Fuzzy Sets Methods in Actuarial Science, Society of Actuaries Monograph, Schaumburg, Illinois, 1993.
  • Krzysztof Ostaszewski, "Division space axiomatics", Acta Mathematica et Informatica Universitatis Ostraviensis, 1(1993), pp. 47-58.

  • Krzysztof Ciesielski, Lee Larson, and Krzysztof Ostaszewski, "Semigroups of I-density continuous functions", Semigroup Forum 45(1992), pp. 191-204.
  • Waldemar Karwowski, Krzysztof Ostaszewski, and Jozef Zurada, "Potential applications of catastrophe theory in modeling the risk of low back injury in manual lifting task", Le Travail Humain, 55(3)(1992), pp. 259-275.

  • Zoltan Buczolich and Krzysztof Ostaszewski, " The Hausdorff dimension of graphs of density continuous functions", Proceedings of the American Mathematical Society 112(1991), pp. 1037-1043.
  • Patricia Cerrito, Waldemar Karwowski, and Krzysztof Ostaszewski, "Empirical study of the meaning of the hedge VERY", in: Advances in Computing and Information, Springer Lecture Notes in Computer Science No. 497, Springer-Verlag, 1991, pp. 672-674.

  • Babu Nahata, Krzysztof Ostaszewski, and P.K. Sahoo, "Direction of price changes in third-degree price discrimination", American Economic Review, 80(1990), pp. 1254-1258.
  • Krzysztof Ciesielski, Lee Larson, and Krzysztof Ostaszewski, "Density continuity versus continuity", Forum Mathematicum, 2(1990), 265-275.
  • Piotr Mikusinski and Krzysztof Ostaszewski, "The space of Henstock integrable functions II", in: New Integrals, Lecture Notes in Mathematics 1419, pp. 136-149, Springer-Verlag, 1990.

  • Krzysztof Ciesielski, Lee Larson, and Krzysztof Ostaszewski "Differentiability and density continuity", Real Analysis Exchange, 15(1)(1989-90), 239-247.

  • Krzysztof Ostaszewski, "Semigroups of density-continuous functions", Real Analysis Exchange, 14(1)(1988-89), pp. 104-114.
  • Krzysztof Ostaszewski, "The space of Henstock integrable functions of two variables", International Journal of Mathematics and Mathematical Sciences, 11(1988) 15-22.

  • Krzysztof Ostaszewski and James Sochacki, "Gronwall's inequality and the Henstock integral", Journal of Mathematical Analysis and Applications, 128(2)(1987), pp. 370-374.

  • Krzysztof Ostaszewski, Henstock Integration in the Plane, Memoirs of the American Mathematical Society, No. 353, Providence, Rhode Island, 1986.

  • Krzysztof Ostaszewski, "Variational equivalence and generalized absolute continuity", Real Analysis Exchange, 10(1)(1984-85) 220-229.

  • Krzysztof Ostaszewski, "Continuity in the density topology II", Rendiconti del Circolo Matematico di Palermo, (2)32(1983) 398-414.

  • Krzysztof Ostaszewski, "Continuity in the density topology", Real Analysis Exchange, 7(2)(1982) 259-270.
  • Krzysztof Ostaszewski, "Two modifications of the approximate derivative", Demonstratio Mathematicae, 15(3)(1982) 899-911.

  • 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 page are welcome and should be sent to Dr. Krzysztof Ostaszewski   at his e-mail address: krzysio@ilstu.edu.