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 |
| Publication status | Published - 2007 Dec |
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Keywords
- Finance
- Financial planning
- Insurance design
- Investment and insurance strategy
- Multi-period optimization
ASJC Scopus subject areas
- Management Science and Operations Research
- Decision Sciences(all)
Cite this
Multi-period optimization model for a household, and optimal insurance design. / Hibiki, Norio.
In: Journal of the Operations Research Society of Japan, Vol. 50, No. 4, 12.2007, p. 463-487.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - Multi-period optimization model for a household, and optimal insurance design
AU - Hibiki, Norio
PY - 2007/12
Y1 - 2007/12
N2 - 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.
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.
KW - Finance
KW - Financial planning
KW - Insurance design
KW - Investment and insurance strategy
KW - Multi-period optimization
UR - http://www.scopus.com/inward/record.url?scp=39649096271&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=39649096271&partnerID=8YFLogxK
M3 - Article
AN - SCOPUS:39649096271
VL - 50
SP - 463
EP - 487
JO - Journal of the Operations Research Society of Japan
JF - Journal of the Operations Research Society of Japan
SN - 0453-4514
IS - 4
ER -