Optimal Reinsurance-Dividend Strategy with Fixed Transaction Costs in a Regime-Switching Brownian Risk Model: A Viscosity Solution to the Impulse Control Problem

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While the mathematical techniques (stochastic control, viscosity solutions) are relevant to quantitative finance, the specific application is insurance risk management (dividends and reinsurance) rather than asset trading or portfolio optimization.

High complexity due to the need for solving non-linear HJB equations with nonlocal operators and handling discontinuous Hamiltonians via viscosity solution theory. Requires advanced knowledge of stochastic calculus and PDE theory.

The paper provides rigorous mathematical proofs and explicit characterizations of the optimal strategies. However, it is a theoretical paper without provided code or datasets for numerical replication, though numerical examples are mentioned in the abstract.