Life insurance and pension contracts II : the life cycle model with recursive utility
<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
<record>
<leader>00000cab a2200000 4500</leader>
<controlfield tag="001">MAP20160023855</controlfield>
<controlfield tag="003">MAP</controlfield>
<controlfield tag="005">20160805113656.0</controlfield>
<controlfield tag="008">160804e20160101usa|||p |0|||b|eng d</controlfield>
<datafield tag="040" ind1=" " ind2=" ">
<subfield code="a">MAP</subfield>
<subfield code="b">spa</subfield>
<subfield code="d">MAP</subfield>
</datafield>
<datafield tag="084" ind1=" " ind2=" ">
<subfield code="a">6</subfield>
</datafield>
<datafield tag="100" ind1="1" ind2=" ">
<subfield code="0">MAPA20080059958</subfield>
<subfield code="a">Aase, Knut K.</subfield>
</datafield>
<datafield tag="245" ind1="1" ind2="0">
<subfield code="a">Life insurance and pension contracts II</subfield>
<subfield code="b">: the life cycle model with recursive utility</subfield>
<subfield code="c">Knunt K. Aase</subfield>
</datafield>
<datafield tag="520" ind1=" " ind2=" ">
<subfield code="a">This article analyzes optimal consumption and pension insurance during the life time of a consumer using the life cycle model, when the consumer has recursive utility. The relationship between substitution of consumption and risk aversion is highlighted, and clarified by the introduction of this type of preferences. This illustrates how recursive utility can be used to explain the empirical consumption puzzle for aggregates. This indicates a plausible choice for the parameters of the utility function, relevant for the consumer in the life cycle model. Optimal life insurance is considered, as well as the portfolio choice problem related to optimal exposures in risky securities.</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080552114</subfield>
<subfield code="a">Pensiones</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080592455</subfield>
<subfield code="a">Planes de pensiones</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080591021</subfield>
<subfield code="a">Fondos de pensiones</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080570590</subfield>
<subfield code="a">Seguro de vida</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080602437</subfield>
<subfield code="a">Matemática del seguro</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080579258</subfield>
<subfield code="a">Cálculo actuarial</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080580377</subfield>
<subfield code="a">Esperanza de vida</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080604202</subfield>
<subfield code="a">Teoría de la utilidad</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080615130</subfield>
<subfield code="a">Relación costo-beneficio</subfield>
</datafield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080596316</subfield>
<subfield code="a">Equilibrio económico</subfield>
</datafield>
<datafield tag="773" ind1="0" ind2=" ">
<subfield code="w">MAP20077000420</subfield>
<subfield code="t">Astin bulletin</subfield>
<subfield code="d">Belgium : ASTIN and AFIR Sections of the International Actuarial Association</subfield>
<subfield code="x">0515-0361</subfield>
<subfield code="g">01/01/2016 Volumen 46 Número 1 - enero 2016 , p. 71-102</subfield>
</datafield>
</record>
</collection>