摘要
以家庭生命周期为视角,对家庭效用最大化的消费投资决策进行跨期研究。研究结论为：首先,通过引入家庭遗赠动机和死亡概率来完成Epstein-Zin消费投资效用模型的构建;其次,通过对模型进行实例分析,指出年金保险对家庭长寿风险的规避作用,为年金保险成为社会保障的重要支柱提供了有利的佐证;最后,将传统的常数时间贴现法和创新的时变时间贴现法进行对比分析,表明时变时间贴现因子法的模拟结果更加符合家庭实际情况。
From the perspective of family life cycle, this paper studied consumption and investment decisions that contribute to maximum family utility. Firstly, an Epstein-Zin utility function model was built with family bequest motives and survival probability. Secondly, a model-based case study showed that the annuity can avoid longevity risk effectively, affirming annuities insurance＇s potential as an important pillar in social security. Fi- nally, it compared the conventional time-constant discount rates with the innovative time-varying discount rates, and the simulation results showed time-varying discount method is more in line with family reality.
作者
刘彦文
辛星星
LIU Yanwen XIN Xingxing(Faculty of Management and Economics, Dalian University of Technology, Dalian H6024, Chin)
出处
《大连理工大学学报（社会科学版）》
CSSCI
2017年第1期75-80,共6页
Journal of Dalian University of Technology(Social Sciences)
基金
辽宁省哲学社会科学规划基金项目:“辽宁省区域金融生态环境评价及优化路径研究”(LISAGL018)
