In this article, a model of life insurance holding is formulated. It takes into account the liquidation values and liquidity of estate assets and the ability of life insurance death benefits to bypass the probate process. Tobit regressions based on the model are run using the U.S. Survey of Consumer Finances 1989 data set. The results showed net worth (fixing net liquid assets and annuity wealt...

a r t i c l e i n f o a b s t r a c t JEL classification: E21 D91 Keywords: Life cycle Incomplete markets Wealth distribution Simulated method of moments We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in the US since the 1980s. Relying on the shape of this distribution we then estimate a life-cycle incomplete markets model. We ...

project scheduling   net present value   we consider a project scheduling problem with permitted tardiness and discrete time/resource trade-offs under maximum net present value objective. in this problem, a project consists of a set of sequential phases such that each phase contains one or more sub-projects including activities interrelated by finish-start-type precedence relations with a time ...

STUDIES OF THE economic position of consumers have long recognized t,hat families with the same current income may differ widely with respect, to the amount of wealth they own. It is common pract,ice to speak of the wealthier family as “better off” than the less wealthy. Moreover, welfare programs reflect, the philosophy that assets should be taken into account in evaluating eligibility for ass...

This article, by leaving pre-determined membership function of a fuzzy set which is a basic assumption for such subject, will try to propose a hybrid technique to select the most economic project among alternative projects in fuzziness interest rates condition. In this way, net present worth (NPW) would be the economic indicator. This article tries to challenge the assumption of large sample si...