Insurance, Consumption, and Saving: A Dynamic Analysis in Continuous Time
在连续时间框架下分析非寿险需求如何与消费和储蓄相互作用，发现精算公平保费下保险与消费决策可分离，而保费有附加时最优保险覆盖随时间变化且不足额，损失概率增长会引发预防性储蓄。
This paper shows how the demand for non-life insurance interacts with consumption and saving. The analysis is set in continuous time, using the maximum principle. When insurance is actuarially fair, the insurance and consumption decisions are separable. With loaded premiums, and alternatively without insurance, optimal consumption is dynamically related to the growth rate of the loss probability, and a growing loss probability generates precautionary saving. With loaded premiums, less than full insurance is demanded at each instant, and optimal cover varies over time, whether or not the loss probability is constant.