Life Insurance Purchasing to Maximize Utility of Household Consumption
Life Insurance Purchasing to Maximize Utility of Household Consumption
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DOI：
10.1080/10920277.2013.793159
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发表时间：
2012-05
影响因子：
1.4
通讯作者：
Erhan Bayraktar;V. Young
中科院分区：
文献类型：
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作者：
Erhan Bayraktar;V. Young
我们确定了一个家庭的两个工薪阶层的最佳人寿保险金额。我们考虑指数效用的简单情况，从而消除了财富作为购买人寿保险的因素，同时保留了人寿保险，收入和死亡概率之间的关系，从而失去了收入。对于通过一次性保费或连续支付保费购买的保险，我们明确确定最优死亡保险金。我们表明，如果保费是针对一个特定的概率损失的政策，那么消费率是相同的单一保费或连续支付保费。因此，不仅在两种保费方案下实现了家庭消费的等价，而且在损失概率等价的意义上也为保险公司获得了消费的等价。
We determine the optimal amount of life insurance for a household of two wage earners. We consider the simple case of exponential utility, thereby removing wealth as a factor in buying life insurance, while retaining the relationship among life insurance, income, and the probability of dying and thus losing that income. For insurance purchased via a single premium or premium payable continuously, we explicitly determine the optimal death benefit. We show that if the premium is determined to target a specific probability of loss per policy, then the rates of consumption are identical under single premium or continuously payable premium. Thus, not only is equivalence of consumption achieved for the households under the two premium schemes, it is also obtained for the insurance company in the sense of equivalence of loss probabilities.