Chu, Hsun; Li, Chu-Shiu; Peng, Sheng-Chang; Tsendsuren, … - 2023
This paper investigates the effects of risk aversion on portfolio choices in terms of life insurance purchase and risky … asset investment. The theoretical results show that households with very low degree of risk aversion allocate all of their … investments to risky assets and have little desire to buy life insurance and risk-free bonds. When the degree of risk aversion …