Kwak, Minsuk; Shin, Yong Hyun; Choi, U Jin - In: Insurance: Mathematics and Economics 48 (2011) 2, pp. 176-188
We study an optimal portfolio and consumption choice problem of a family that combines life insurance for parents who receive deterministic labor income until the fixed time T. We consider utility functions of parents and children separately and assume that parents have an uncertain lifetime. If...