This paper establishes a dynamic portfolio insurance model under the condition of continuous time, based on Meton’s optimal investment-consumption model, which combined the method of replicating dynamic synthetic put option using risk-free and risk assets. And it transfers the problem of investor’s individual inter-temporal dynamic portfolio insurance decision into a problem of static utility m...

Повышение уровня качества образования является одним из ключевых факторов повышения конкурентоспособности страны. Ежегодный пересмотр образовательных и образовательно-научных программ подготовки специалистов дает возможность своевременно вносить коррективы в учебные планы повышать уровень с целью большего соответствия подготовленных требованиям рыночной среды. Приобретение международного опыта ...

a r t i c l e i n f o Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to their growth. We conduct a randomized experiment in post-revolution Egypt to measure the impact of insuring microenterprises against this uncertainty. Demand for macroeconomic shock insurance was high, with a take-up rate of 36.7%. However, purchasing insuran...

This paper studies the dynamically optimal consumption, investment and life-insurance strategies for a wage earners under inside information inflation. Assume that earner can invest in risk-free asset, risky asset an inflation-indexed bond obtain some additional on from financial market. By maximizing expected utility of earner’s inheritance terminal wealth, we earner. The method this is mainly...

We have conducted a dynamic stochastic investment analysis of carbon capture, transport and storage (CCTS) retrofitting in an environment of CO2 price and technology uncertainty. It includes the option to invest in, and to use or shut down, the CCTS unit. While modeling certificate price uncertainties is standard, stochastic processes including diminishing increments are implemented for thermal...

The theory of the optimal allocation of risk and the Townsend Thai panel data on financial transactions are used to assess the impact of the major formal and informal financial institutions of an emerging market economy. We link financial institution assessment to the actual impact on clients, rather than ratios and non-performing loans. We derive both consumption and investment equations from ...

This paper uses household panel data from rural Vietnam to explore the effects of having a relative in a position of political or bureaucratic power on farmers’ agricultural investment decisions. Our main result is that households significantly increase their investment in land improvement as a result of relatives moving into public office. Connections to office holders appear to be important f...

In this paper we analyze how the optimal consumption, investment and life insurance rules are modified by the introduction of a class of time-inconsistent preferences. In particular, we account for the fact that an agent’s preferences evolve along the planning horizon according to her increasing concern about the bequest left to her descendants and about her welfare at retirement. To this end, ...