Stochastic utilities with subsistence and satiation: Optimal life insurance purchase, consumption and investment
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DOI: 10.1016/j.insmatheco.2019.10.008
Abstract: Abstract We introduce stochastic utilities such that utility of any fixed amount of interest is a stochastic process or random variable. Also, there exist stochastic (or random) subsistence and satiation levels associated with stochastic utilities.… read more here.
Keywords: insurance purchase; consumption; life insurance; stochastic utilities ... See more keywords