Feng published over forty papers on leading academic journals in actuarial science, quantitative finance and applied probability. His main contributions include but are not limited to:

(1) Computational risk management of equity-linked insurance: pricing, embedded option, reserving and risk capitals, hedging, etc. His book, An Introduction to Computational Risk Management of Equity-Linked Insurance, systematically exploited computational methods both from current practices and academic research for risk management and has been included as a designated textbook for the Society of Actuaries’ fellowship exam, Quantitative Finance.

(2) Pension and policy analysis: Regulations and laws on retirement systems in the United States are often based on lobbying and qualitative opinions. It is increasingly important to base legislation on quantitative and fact-based analysis. Feng was invited by the State of Illinois’ House of Representatives Personnel and Pension Committee to perform actuarial analysis for a legislative proposal for pension obligation bonds. Feng served as an expert witness in a public hearing at the state capitol in 2018.

(3) Decentralized Finance and Insurance: While there is a rich literature on the engineering infrastructure of blockchain technology, less is known for the quantitative basis of tokenomics for DeFi and DeIn applications, particularly in areas of market risks. Feng studied the mechanisms of emerging business models on decentralized risk sharing, such as pricing by stake, proxy voting for underwriting and claims, etc. His work received several best paper awards. The book, Decentralized Insurance: Technical Foundation of Business Models, has been designated as a textbook for the Society of Actuaries’ fellowship exam, Foundations of Corporate Finance and Enterprise Risk Management.

(4) Market and governance solutions for global risks: The world faces common risks from natural and anthropogenic disasters, such as population aging, climate change, pandemics, etc. It is an increasingly critical and complex issue for governments and corporations around the world to develop market and governance solutions in response to these global challenges. Feng’s work included the use of actuarial techniques and epidemiological models to study the planning, stocking, temporal-spatial allocations of critical medical resources, the impact of healthcare, disaster responses and other public health policies on pandemics.