Preferences and design in insurance and pensions
Publikation: Bog/antologi/afhandling/rapport › Ph.d.-afhandling › Forskning
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Preferences and design in insurance and pensions. / Bruhn, Kenneth.
Department of Mathematical Sciences, Faculty of Science, University of Copenhagen, 2013. 163 s.Publikation: Bog/antologi/afhandling/rapport › Ph.d.-afhandling › Forskning
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TY - BOOK
T1 - Preferences and design in insurance and pensions
AU - Bruhn, Kenneth
PY - 2013
Y1 - 2013
N2 - Life insurance and pension decisions are of the more important fnancial settlements to be decided in a household. In this thesis we investigate dfferent aspects of relevance for decision making within a household, especially focusing on life insurance and pension decisions. The focus is on the relation between household preferences and the related optimal product design.Optimal decisions of a household are considered in continuous-time stochasticcontrol theory models. Within a standard expected utility framework we investigate the eects of dierences between household members as well as tax-effects. The focus is on the consumption, investment and life insurance demands. In another modeling framework, we modify the utility measurement and propose a combination of forward and backward looking preferences. At last, a model with very explicit preferences for stability in consumption is investigated and we find that the optimal consumption pattern derived corresponds to the benefit pattern of a specific annuity product. This particular product is in a simulation study compared to Unit-Link annuities, which fit perfectly with the consumption patterns derived under the expected utility models.
AB - Life insurance and pension decisions are of the more important fnancial settlements to be decided in a household. In this thesis we investigate dfferent aspects of relevance for decision making within a household, especially focusing on life insurance and pension decisions. The focus is on the relation between household preferences and the related optimal product design.Optimal decisions of a household are considered in continuous-time stochasticcontrol theory models. Within a standard expected utility framework we investigate the eects of dierences between household members as well as tax-effects. The focus is on the consumption, investment and life insurance demands. In another modeling framework, we modify the utility measurement and propose a combination of forward and backward looking preferences. At last, a model with very explicit preferences for stability in consumption is investigated and we find that the optimal consumption pattern derived corresponds to the benefit pattern of a specific annuity product. This particular product is in a simulation study compared to Unit-Link annuities, which fit perfectly with the consumption patterns derived under the expected utility models.
UR - https://soeg.kb.dk/permalink/45KBDK_KGL/fbp0ps/alma99122313224105763
M3 - Ph.D. thesis
SN - 978-87-7078-9929
BT - Preferences and design in insurance and pensions
PB - Department of Mathematical Sciences, Faculty of Science, University of Copenhagen
ER -
ID: 92081770