https://m2.mtmt.hu/ hun 2026-07-26 20:44 BookChapter 37013024 APPROVED true Szerzőség javítása folyamatban 0 false 2026-03-25T09:53:37.023+0000 2026-03-18T14:15:36.968+0000 2026-03-17T12:25:48.549+0000 true 10015516 Csapi Vivien /api/author/10015516 Author Csapi Vivien (Pénzügy) true 10015516 2026-03-18T14:15:37.197+0000 2026-03-18T14:15:37.197+0000 true false true 25 25 /api/publicationtype/25 PublicationType Könyvrészlet 2 true 25 BookChapter true 10000303 Study true 25 25 /api/publicationtype/25 PublicationType Könyvrészlet 2 true 25 BookChapter /api/subtype/10000303 Szaktanulmány SubType Szaktanulmány (Könyvrészlet) 219 true 10000303 true 1 /api/category/1 Category Tudományos true 1 Csapi, Vivien 99 114 99 16 2026 Increasing longevity fundamentally reshapes individual life-cycle decisions by extending planning horizons while simultaneously amplifying uncertainty related to health, income, and employment trajectories. This paper argues that longevity can be conceptualized as a real option that enhances the value of flexibility in long-term personal and financial decision-making. Building on the real options framework, we interpret key life-cycle choices as sequential decisions under uncertainty with embedded options to wait, expand, switch, or abandon. Longer expected lifespans increase the payoff horizon of these options, thereby raising their economic value and altering optimal timing strategies. We demonstrate how rising longevity intensifies the option value of deferred irreversible commitments, particularly in decisions involving substantial sunk costs and long-term payoffs. Drawing parallels with existing applications of real options in fertility and divorce decisions, we extend the framework to longevity-related investments such as preventive healthcare, lifelong learning, and phased retirement. Our contribution lies in reframing longevity not merely as a demographic or actuarial phenomenon, but as a source of economic flexibility that can be priced using financial option theory. The paper opens new avenues for interdisciplinary research connecting financial economics, health economics, and behavioural life-cycle theory, with policy implications for pension systems, labour markets, and individual financial planning in ageing societies. true 2026 true true true false true false NONE 2026-03-25 false 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 false false false false 2026-06-15T11:26:53.151+0000 Pénzügy és Számvitel Intézet (PTE / KTK) 2 10 1 2 0 true 948 true 10002 English /api/language/10002 Angol Language Angol true 2 false true 10524 true 10050 /api/country/10050 Country Szlovénia true 2151480 /api/city/10524 City Maribor, Szlovénia true 1053977 true 31652714 IDENTICAL /api/publicationidentifier/31652714 https://doi.org/10.18690/um.fov.3.2026 10.18690/um.fov.3.2026 PublicationIdentifier DOI: 10.18690/um.fov.3.2026 true 6 DOI https://doi.org/@@@ /api/publicationsource/6 DOI PlainSource DOI true true 10001 /api/publicationsourcetype/10001 PublicationSourceType DOI true true 6 true false true 31652715 /api/publicationidentifier/31652715 https://www.worldcat.org/search?q=isbn%3A9789612991241 9789612991241 PublicationIdentifier ISBN: 9789612991241 true 122 ISBN https://www.worldcat.org/search?q=isbn%3A@@@ /api/publicationsource/122 ISBN PlainSource ISBN true true 10002 /api/publicationsourcetype/10002 PublicationSourceType Egyéb true false 122 true false /api/publication/37013025 Šprajc Polona. 45th International Conference on Organizational Science Development = 45. mednarodna konferenca o razvoju organizacijskih znanosti: Organization and the Longevity Society = Organizacija in dolgoživa družba : Conference Proceedings = Konferenčni zbornik. (2026) ISBN:9789612991241 true true 23 23 /api/publicationtype/23 PublicationType Könyv 3 true 23 Book false false 37013025 false true true true true 10000144 Conference proceedings true 23 23 /api/publicationtype/23 PublicationType Könyv 3 true 23 Book /api/subtype/10000144 Konferenciakötet SubType Konferenciakötet (Könyv) 345 true 10000144 false Book 2026 true 1 /api/category/1 Category Tudományos true 1 false Language 10002 /api/language/10002 Angol Angol English true 2 true PersonAuthorship 135043936 /api/authorship/135043936 Csapi, Vivien [Csapi, Vivien (Pénzügy), szerző] Pénzügy és Számvitel Intézet (PTE / KTK) 1 0.0 true false Author 10015516 /api/author/10015516 Csapi Vivien (Pénzügy) Csapi Vivien true 10015516 true Csapi Vivien true false false AuthorshipType 1 /api/authorshiptype/1 Szerző 0 true 0 true false true PersonAuthorship 134964767 /api/authorship/134964767 Posza, Alexandra [Posza, Alexandra (Pénzügy), szerző] Pénzügy és Számvitel Intézet (PTE / KTK) 2 0.5 false true false Author 10038585 /api/author/10038585 Posza Alexandra (Pénzügy) Posza Alexandra true 10038585 true Posza Alexandra true false false AuthorshipType 1 /api/authorshiptype/1 Szerző 0 true 0 true false true PublicationIdentifier 31652716 /api/publicationidentifier/31652716 DOI: 10.18690/um.fov.3.2026.8 PlainSource 6 /api/publicationsource/6 DOI PublicationSourceType 10001 /api/publicationsourcetype/10001 DOI true true true DOI DOI https://doi.org/@@@ true true 6 true 10.18690/um.fov.3.2026.8 https://doi.org/10.18690/um.fov.3.2026.8 false true Classification 12776 /api/classification/12776 Közgazdasági és gazdálkodástudományok true true Reference 73729931 /api/reference/73729931 1. 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(1994). Investment under uncertainty. Princeton University Press., DOI: 10.1515/9781400830176 12 10.1515/9781400830176 false true Reference 73729943 /api/reference/73729943 13. Dormont, B., Samson, A.-L., Fleurbaey, M., Luchini, S., & Schokkaert, E. (2018). Individual uncertainty about longevity. Demography, 55(5), 1829-1854. doi: 10.1007/s13524-018-0713-4, DOI: 10.1007/s13524-018-0713-4 13 10.1007/s13524-018-0713-4 false true Reference 73729944 /api/reference/73729944 14. Fries, J. F. (1980). Aging, natural death, and the compression of morbidity. The New England Journal of Medicine, 303(3), 130-135. doi: 10.1056/NEJM198007173030304, DOI: 10.1056/NEJM198007173030304 14 10.1056/NEJM198007173030304 false true Reference 73729945 /api/reference/73729945 15. Fürstenau, E., Gohl, N., Haan, P., & Weinhardt, F. (2023). Working life and human capital investment: Causal evidence from a pension reform. 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(Data downloaded on Month Day, Year, from population.un.org/wpp/) 32 false true Reference 73729963 /api/reference/73729963 33. Wolfers, J. (2006). Did unilateral divorce laws raise divorce rates? A reconciliation and new results. American Economic Review, 96(5), 1802-1820. DOI: 10.1257/aer.96.5.1802, DOI: 10.1257/aer.96.5.1802 33 10.1257/aer.96.5.1802 false true Reference 73729964 /api/reference/73729964 34. Yaari, M. E. (1965). Uncertain lifetime, life insurance, and the theory of the consumer. Review of Economic Studies, 32(2), 137-150. doi:10.2307/2296058, DOI: 10.2307/2296058 34 10.2307/2296058 false true Reference 73729965 /api/reference/73729965 35. Zijdeman, R., & Ribeiro da Silva, F. (2015). Life expectancy at birth (total) [Data set]. IISH Dataverse. https://hdl.handle.net/10622/LKYT53 35 false true /api/publication/37013024 Csapi Vivien et al. Longevity as a Real Option: Valuing Flexibility in Life-Cycle Financial Decisions. (2026) Megjelent: 45th International Conference on Organizational Science Development = 45. mednarodna konferenca o razvoju organizacijskih znanosti pp. 99-114<div class="BookChapter Publication long-list"> <div class="authors"> <img title="Forrásközlemény" style="float: left" src="/frontend/resources/grid/publication-core-icon.png"> <div class="autype autype0"> <span class="author-name" mtid="10015516"><a href="/gui2/?type=authors&mode=browse&sel=10015516" target="_blank">Csapi Vivien (<span class="authorship-author-name">Csapi Vivien</span> <span class="authorAux-mtmt"> Pénzügy</span>) </a> </span> <span class="author-affil"><span title="Pécsi Tudományegyetem">PTE</span>/<span title="Közgazdaságtudományi Kar">KTK</span>/Pénzügy és Számvitel Intézet</span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" mtid="10038585"><a href="/gui2/?type=authors&mode=browse&sel=10038585" target="_blank">Posza Alexandra (<span class="authorship-author-name">Posza Alexandra</span> <span class="authorAux-mtmt"> Pénzügy</span>) </a> </span> <span class="author-affil"><span title="Pécsi Tudományegyetem">PTE</span>/<span title="Közgazdaságtudományi Kar">KTK</span>/Pénzügy és Számvitel Intézet</span> </div> </div> <div class="title"><a href="/gui2/?mode=browse&params=publication;37013024" target="_blank">Longevity as a Real Option: Valuing Flexibility in Life-Cycle Financial Decisions</a></div> <div class="InBook"><div class="chapter-in">In:</div> <div class="authors"> <div class="autype autype-1"> <span class="author-name" >Šprajc Polona </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Bernik Mojca </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Čalopa Marina Klačmer </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Maletič Damjan </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Mihić Marko </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Petrović Nataša </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Podbregar Iztok </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Tomić Daniel </span> ;&nbsp;&nbsp;&nbsp; <span class="author-name" >Mohorič Anja Žnidaršič </span> (szerk.) </div> </div> <div class="booktitle"><a href="/gui2/?mode=browse&params=publication;37013025" target="_blank">45th International Conference on Organizational Science Development = 45. mednarodna konferenca o razvoju organizacijskih znanosti : Organization and the Longevity Society = Organizacija in dolgoživa družba : Conference Proceedings = Konferenčni zbornik </a></div> <div class="conference"> Konferencia helye, ideje: <span class="location">Portoroz, Szlovénia <span class="conference-date">2026.03.18. - 2026.03.20.</span> </div> <span class="publishedAt">Maribor: <span class="publishers">University of Maribor Press</span>, <span class="page"> pp 99-114 </span> <span class="year">(2026)</span> </div> <div class="pub-footer"> <span class="language" xmlns="http://www.w3.org/1999/html">Nyelv: Angol | </span> <span class="identifiers"> <span class="id identifier oa_none" title="none"> <a style="color:black" title="10.18690/um.fov.3.2026.8" target="_blank" href="https://doi.org/10.18690/um.fov.3.2026.8"> DOI </a> </span> </span> <span class="bookchapter-ids">Befoglaló link(ek):</span> <span class="identifiers"> <span class="id identifier oa_none" title="none"> <a style="color:blue" title="10.18690/um.fov.3.2026" target="_blank" href="https://doi.org/10.18690/um.fov.3.2026"> DOI </a> </span> <span class="id identifier oa_none" title="none"> <span class="isbnOrIssn"> ISBN: </span> <a style="color:black" title="9789612991241" target="_blank" href="https://www.worldcat.org/search?q=isbn%3A9789612991241"> 9789612991241 </a> </span> </span> <div class="mtid"><span class="long-pub-mtid">Közlemény: 37013024</span> | <span class="status-data status-APPROVED"> Nyilvános </span> <span class="long-book-mtid">Befoglaló: 37013025</span> Forrás | <span class="type-subtype">Könyvrészlet ( Szaktanulmány ) </span> | <span class="pub-category">Tudományos</span> | <span class="publication-sourceOfData"></span> </div> <div class="lastModified">Utolsó módosítás: 2026.03.18. 15:15 Révész Eszter (PTE ÁJK, KTK admin 5) </div> <pre class="comment" style="margin-top: 0; margin-bottom: 0;"><u>Megjegyzés</u>: Szerzőség javítása folyamatban</pre> </div> </div>