摘要
本文基于连续时间金融理论,对传统投资消费决策模型加以扩展,考察了保障型寿险与投资型寿险的需求问题。保障型寿险的购买主要出于遗赠动机,研究发现最优需求由费率、消费者财富水平、人力资本三部分构成,并且存在反财富效应与收入效应。投资型寿险主要出于投资动机,最优需求除受上述因素影响外,还受其他可投资产品的收益率、波动性影响,并且存在替代效应。本文的分析丰富了国内关于寿险需求的理论研究,对于我国提高寿险需求,促进寿险市场发展具有重要的意义。
Based on the continuous time finance theory, we research the demand for life insurance. Using the utility maximization under wealth constraint framework, we examine the demand for traditional life insurance and investment-life insurance. We consider the be- quest motive of traditional life insurance, find that the optimal demand is affected by rates, consumer wealth, human capital composition. We also find there exists wealth effect and income effect. Investment life insurance is bought for investment motivation, optimal demand is affected by the above three factors, also by the rate of return of other investment products, the volatility of other investment products. There exists substitution effect in in- vestment life insurance.
出处
《南开经济研究》
CSSCI
北大核心
2013年第1期91-103,共13页
Nankai Economic Studies
基金
国家自然基金资助(项目编号:BE010892
负责人:李秀芳)
关键词
连续时间金融理论
人寿保险需求
反财富效应与收入效应
替代效应
Continuous Time Finance Theory
Demand for Life Insurance
Wealth Effectand Income Effect
Substitution Effect
