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Purchasing Term Life Insurance to Reach a Bequest Goal while Consuming  [PDF]
Erhan Bayraktar,David Promislow,Virginia Young
Quantitative Finance , 2014,
Abstract: We determine the optimal strategies for purchasing term life insurance and for investing in a risky financial market in order to maximize the probability of reaching a bequest goal while consuming from an investment account. We extend Bayraktar and Young (2015) by allowing the individual to purchase term life insurance to reach her bequest goal. The premium rate for life insurance, $h$, serves as a parameter to connect two seemingly unrelated problems. As the premium rate approaches $0$, covering the bequest goal becomes costless, so the individual simply wants to avoid ruin that might result from her consumption. Thus, as $h$ approaches $0$, the problem in this paper becomes equivalent to minimizing the probability of lifetime ruin, which is solved in Young (2004). On the other hand, as the premium rate becomes arbitrarily large, the individual will not buy life insurance to reach her bequest goal. Thus, as $h$ approaches infinity, the problem in this paper becomes equivalent to maximizing the probability of reaching the bequest goal when life insurance is not available in the market, which is solved in Bayraktar and Young (2015).
Purchasing Life Insurance to Reach a Bequest Goal  [PDF]
Erhan Bayraktar,David Promislow,Virginia Young
Quantitative Finance , 2014,
Abstract: We determine how an individual can use life insurance to meet a bequest goal. We assume that the individual's consumption is met by an income, such as a pension, life annuity, or Social Security. Then, we consider the wealth that the individual wants to devote towards heirs (separate from any wealth related to the afore-mentioned income) and find the optimal strategy for buying life insurance to maximize the probability of reaching a given bequest goal. We consider life insurance purchased by a single premium, with and without cash value available. We also consider irreversible and reversible life insurance purchased by a continuously paid premium; one can view the latter as (instantaneous) term life insurance.
Purchasing Term Life Insurance to Reach a Bequest Goal: Time-Dependent Case  [PDF]
Erhan Bayraktar,Virginia R. Young,David Promislow
Quantitative Finance , 2015,
Abstract: We consider the problem of how an individual can use term life insurance to maximize the probability of reaching a given bequest goal, an important problem in financial planning. We assume that the individual buys instantaneous term life insurance with a premium payable continuously. By contrast with Bayraktar et al. (2014), we allow the force of mortality to vary with time, which, as we show, greatly complicates the problem.
Portfolio Selection with Mandatory Bequest  [PDF]
Jiacheng Feng
Mathematics , 2014,
Abstract: In this paper, optimal consumption and investment decisions are studied for an investor who can invest in a fixed interest rate bank account and a stock whose price is a log normal diffusion. We present the method of the HJB equation in order to explicitly solve problems of this type with modifications such as a fixed percentage transaction cost and a mandatory bequest function. It is shown that the investor treats the mandatory bequest as an expense that she factors into her personal wealth when making consumption and transaction decisions. Furthermore, the investor keeps her portfolio proportions inside a fixed boundary relating to Merton's optimal proportion and the transaction costs.
具有遣赠动机的生命周期模型
THE LIFE-CYCLE MODEL WITH BEQUEST MOTIVES
 [PDF]

作者,杨帆,蔡东汉,陈忠斌
- , 2016,
Abstract: 本文研究遗赠动机对个人消费与储蓄的影响.利用解优化问题的一阶条件,得出在给定的条件下个人存在最优的消费流和遗产使得个人的终身效用达到最大化,当个人获得的收入或遗产增加时,个人将消费更多并留下更多的遗产.进一步,文中在四种具体的遗赠动机函数下研究了遗赠动机对个人消费与储蓄行为的影响,证明在后三种遗赠动机下,储蓄与遗产随遗赠动机的强度增加而赠加;在门槛动机下,随着门槛的提高,个人的消费上升,储蓄下降.
In this paper, we study how bequest motives affect the individual's consumption and saving behaviours. By using the first conditions to solve the optimization problem, it is obtained that the individual has optimal consumption stream and bequest to maximize the all life utility under the given condition and the individual will consume more and leaves more bequest when his income increases or gets more heritage. Furthermore, the effects of four concrete bequest motives function on individual's consumption and saving behaviour are studied. It is proved that the greater the strength of the bequest motive, the greater the savings rate and bequest in the last three bequest motives and the individual's consumption increases, savings decreases with the increase of the threshold for the threshold bequest motives
Shearlets and Optimally Sparse Approximations  [PDF]
Gitta Kutyniok,Jakob Lemvig,Wang-Q Lim
Mathematics , 2011,
Abstract: Multivariate functions are typically governed by anisotropic features such as edges in images or shock fronts in solutions of transport-dominated equations. One major goal both for the purpose of compression as well as for an efficient analysis is the provision of optimally sparse approximations of such functions. Recently, cartoon-like images were introduced in 2D and 3D as a suitable model class, and approximation properties were measured by considering the decay rate of the $L^2$ error of the best $N$-term approximation. Shearlet systems are to date the only representation system, which provide optimally sparse approximations of this model class in 2D as well as 3D. Even more, in contrast to all other directional representation systems, a theory for compactly supported shearlet frames was derived which moreover also satisfy this optimality benchmark. This chapter shall serve as an introduction to and a survey about sparse approximations of cartoon-like images by band-limited and also compactly supported shearlet frames as well as a reference for the state-of-the-art of this research field.
Reach - an overview
Rostislav ihák
Interdisciplinary Toxicology , 2009, DOI: 10.2478/v10102-009-0007-1
Abstract: An outline of the new European policy in the management of chemicals is given. This new system is known under the acronym REACH which stands for Registration, Evaluation and Authorisation of Chemicals. The background, objectives, requirements and the operation of REACH are briefly explained.
Uniqueness and Symmetry in Problems of Optimally Dense Packings  [PDF]
Lewis Bowen,Charles Holton,Charles Radin,Lorenzo Sadun
Mathematics , 2003,
Abstract: We analyze the general problem of determining optimally dense packings, in a Euclidean or hyperbolic space, of congruent copies of some fixed finite set of bodies. We are strongly guided by examples of aperiodic tilings in Euclidean space and a detailed analysis of a new family of examples in the hyperbolic plane. Our goal is to understand qualitative features of such optimum density problems, in particular the appropriate meaning of the uniqueness of solutions, and the role of symmetry in classfying optimally dense packings.
Belief and Investing: Preferences and Attitudes of the Faithful
Mark Brimble1,Victoria Vyvyan,Chew Ng
Australasian Accounting Business and Finance Journal , 2013,
Abstract: This Australian study seeks to better understand the disparity between the positive attitudes towards Socially Responsible Investing (SRI) and the level of investment in SRI (Saulwick &Associates 2001; Watmore & Bradley 2001; Williams 2007; Arjalies 2010), by examining both the attitudes to SRI and the investment choices that are made. It is hypothesised that those who are more committed to religious belief principles are more likely to invest in SRI.To test this 322 people from two large Queensland organisations were surveyed in relation to their investment attitudes and preferences. Results show that those who are more religious are no more likely to invest in SRI, and that the level of importance placed on SRI and financial criteria are similar in most instances for the more and less religious. In addition, women who are religious place more importance on conservative general investment criteria than less ornon-religious women.
PERFORMANCE EVALUATION OF KISOR P/E INVESTING
Mr. Sachin Balbhimrao,Dr.B.M.Kanahalli
Indian Streams Research Journal , 2012,
Abstract: The P/E ratio is often used as a metric of investment in equities as Price-earnings is one of the style of investing which is used in picking value stocks in India as well as other parts of world. But so far no concrete research has been shown that Kisor P/E style of investing is yielding good return especially in Indian context. This fact has come to our notice by the review of earlier studies. To examine its effectiveness, we applied Kisor model to Nifty 50 Index over a period of 5 years (2006 to 2011). Our study proves the fact that, Kisor P/E Style of investing yield superior return over a study period.Hence, this study identifies Kisor P/E as one of the better stock picking strategy for retail investing class as it is one of the better valuation measures to identify the undervalued stocks in the Indian Equity market.
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