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Raj Kumari Bahl

Publications and source records attributed to Raj Kumari Bahl.

3 recordsLinked to original sources

Reexamining zero-shot summarization: Empirical investigation of trustworthiness of LLM-summarizers

Zero-shot summarization using Large Language Models (LLMs) has significantly advanced the abstractive summarization task by producing coherent and fluent summaries. However, underlying stochasticity of the large language models raises concerns about the stability and trustworthiness of the LLM-generated summaries. This issue has become increasingly important due to proliferation of LLM-generated summaries in educational settings, where students and researchers summarize complex academic materials in zero-shot manner. We propose a novel two-level diagnostic protocol for benchmarking LLM-summarizers based on the stability of the generated summaries. At the lower level, document-level stability analysis is performed over multiple LLM-summaries generated under controlled environment, and the stability coefficient is computed. Each generated summary is scored for semantic and factual alignment with the original document, enabling estimation of stability along more than one dimensions. At the next level, observations from a stratified sample of documents drawn from the corpus are consolidated to estimate the stability index of the LLM-summarizer, which is the proxy for its trustworthiness. Our empirical investigation of three LLM-summarizers across three genres of documents reveals statistically significant differences in the generation-level variability among LLMs across summary evaluation metrics. This study advances the LLM-summarization research by evidential recognition of the stability problem in LLM-summaries and motivates further research towards development of robust, reliable and trustworthy LLM-summarizers.

cs.AI↗

Model-Independent Price Bounds for Catastrophic Mortality Bonds

In this paper, we are concerned with the valuation of Catastrophic Mortality Bonds and, in particular, we examine the case of the Swiss Re Mortality Bond 2003 as a primary example of this class of assets. This bond was the first Catastrophic Mortality Bond to be launched in the market and encapsulates the behaviour of a well-defined mortality index to generate payoffs for bondholders. Pricing these type of bonds is a challenging task and no closed form solution exists in the literature. In our approach, we express the payoff of such a bond in terms of the payoff of an Asian put option and present a new approach to derive model-independent bounds exploiting comonotonic theory as illustrated in \cite{prime1}, \cite{2} and \cite{Simon} for the pricing of Asian options. We carry out Monte Carlo simulations to estimate the bond price and illustrate the quality of the bounds.

q-fin.PR↗

General Price Bounds for Guaranteed Annuity Options

In this paper, we are concerned with the valuation of Guaranteed Annuity Options (GAOs) under the most generalised modelling framework where both interest and mortality rates are stochastic and correlated. Pricing these type of options in the correlated environment is a challenging task and no closed form solution exists in the literature. We employ the use of doubly stochastic stopping times to incorporate the randomness about the time of death and employ a suitable change of measure to facilitate the valuation of survival benefit, there by adapting the payoff of the GAO in terms of the payoff of a basket call option. We derive general price bounds for GAOs by utilizing a conditioning approach for the lower bound and arithmetic-geometric mean inequality for the upper bound. The theory is then applied to affine models to present some very interesting formulae for the bounds under the affine set up. Numerical examples are furnished and benchmarked against Monte Carlo simulations to estimate the price of a GAO for a variety of affine processes governing the evolution of mortality and the interest rate.

q-fin.PR↗