An OLG model for optimal investment and insurance decisions

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<subfield code="a">Li, Bingqing</subfield>
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<subfield code="a">An OLG model for optimal investment and insurance decisions</subfield>
<subfield code="c">Bingqing Li, Pu Liao, Jingfeng Xu</subfield>
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<subfield code="a">This article uses overlapping generation (OLG) model to study individuals' optimal decision on consumption, investment, insurance, and education expenses. To the best of our knowledge, we are the first to discuss the individuals' demand for insurance with the consideration of intergenerational transfer payments. In the article, we incorporate insurance into the OLG model to describe individuals' optimization problem on consuming and saving, and we solve the optimal proportions of expenditure on investment, survival insurance, life insurance, and education, with the optimal consumption to be the remaining parts of expenditure. We observe that the numerical outputs are consistent with the actual data. It is also interesting to find that the human capital investment is independent of both risky asset investment and individuals' risk aversion coefficient.</subfield>
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<subfield code="w">MAP20077000727</subfield>
<subfield code="t">The Journal of risk and insurance</subfield>
<subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
<subfield code="x">0022-4367</subfield>
<subfield code="g">02/03/2015 Volumen 82 Número 1 - marzo 2015 </subfield>
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