Health Shock Risk, Critical Illness Insurance, and Housing Services
Health Shock Risk, Critical Illness Insurance, and Housing Services
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DOI：
10.2139/ssrn.3262570
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发表时间：
2019-11
期刊：
影响因子：
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通讯作者：
Christoph Hambel
中科院分区：
文献类型：
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作者：
Christoph Hambel
本文研究了一个涉及健康冲击风险、易逝性消费和住房服务消费的消费投资问题。除了无风险资产和股票指数，经纪人还可以投资房地产。我在模型规格中分析了健康冲击对最优消费和投资决策的影响，其中有可能购买和不可能购买危重疾病保险。讨论了大病保险对最优策略的影响，分析了最优大病保险需求的驱动因素。结果表明，健康休克风险具有潜在的破坏性后果，特别是对年轻的代理人。事实证明，危重疾病保险是对冲健康冲击风险和平稳不同健康状态消费的绝佳工具。最优危重疾病保险需求是金融财富减少，人类财富增加。房地产价格对最优危重疾病保险需求的影响较小。
This paper studies a consumption–investment problem involving health shock risk, perishable consumption, and consumption of housing services. Additionally to a risk-free asset and a stock index, the agent can invest in real estate. I analyze the impact of health shocks on the optimal consumption and investment decisions in model specifications with and without the possibility to buy critical illness insurance. I discuss the influence of critical illness insurance on the optimal strategy and analyze the drivers of the optimal critical illness insurance demand. The results indicate that health shock risk has potentially devastating consequences, especially for young agents. It turns out that critical illness insurance is an excellent instrument for hedging health shock risk and for consumption smoothing across different health states. Optimal critical illness insurance demand is decreasing in financial wealth and increasing in human wealth. Real estate prices have a minor influence on optimal critical illness insurance demand.