Multi-period optimization model for a household, and optimal insurance design

Norio Hibiki

doi:10.15807/jorsj.50.463

Multi-period optimization model for a household, and optimal insurance design

Norio Hibiki

Department of Industrial and Systems Engineering

Research output: Contribution to journal › Article › peer-review

Abstract

We discuss an optimization model to obtain an optimal investment and insurance strategy for a household. In this paper, we extend the studies in Hibiki and Komoribayashi (2006). We introduce the following points, and examine the model with numerical examples. 1 We consider cash flow due to a serious disease and involve medical insurance. 2 An optimization model is formulated with term life insurance which variable insurance money is received. 3 We propose a model to decide optimal life and medical insurance money received at each time. 4 Sampling error is examined with 100 kinds of 5,000 sample paths.

Original language	English
Pages (from-to)	463-487
Number of pages	25
Journal	Journal of the Operations Research Society of Japan
Volume	50
Issue number	4
DOIs	https://doi.org/10.15807/jorsj.50.463
Publication status	Published - 2007 Dec

Keywords

Finance
Financial planning
Insurance design
Investment and insurance strategy
Multi-period optimization

ASJC Scopus subject areas

Decision Sciences(all)
Management Science and Operations Research

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AB - We discuss an optimization model to obtain an optimal investment and insurance strategy for a household. In this paper, we extend the studies in Hibiki and Komoribayashi (2006). We introduce the following points, and examine the model with numerical examples. 1 We consider cash flow due to a serious disease and involve medical insurance. 2 An optimization model is formulated with term life insurance which variable insurance money is received. 3 We propose a model to decide optimal life and medical insurance money received at each time. 4 Sampling error is examined with 100 kinds of 5,000 sample paths.

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KW - Financial planning

KW - Insurance design

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Multi-period optimization model for a household, and optimal insurance design

Abstract

Keywords

ASJC Scopus subject areas

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