A Capital Budgeting Analysis of Life Insurance Costs in the United States: 1950–1979
用资本预算方法构建了美国寿险的真实价格指数，分析三种保单后发现，终身寿险名义成本下降但实际成本上升，定期寿险名义和实际成本均下降，并分解了成本变化的原因。
ABSTRACT A capital budgeting procedure is applied in developing a real price index for life insurance over three decades. Individual life policies of three types are analyzed. The analysis reveals that although the cost of whole life insurance, measured in nominal values, has decreased over the past thirty years, when properly measured in present value or constant dollar terms, the cost has risen substantially. Term life insurance has been characterized by decreasing costs in both nominal and real terms. The amounts of the cost variations attributable to improving survival rates, changing policy terms, varying discount rates and differing tax status are identified.