Influence of Healthcare Problem on the Individual Asset Allocation
研究了医疗成本如何影响个人资产配置，通过分解医疗成本并考虑健康对收入的影响，构建优化模型，发现个人支付比例下降会非线性增加其他消费，政府稳定投入可降低劳动收入波动。
Maintaining people's health status needs healthcare cost.Individuals and government will undertake the cost together and it will affect personal asset allocation.Moreover,healthcare problem affects personal asset allocation through some ways.This paper proposes an optimization model of asset allocation by the way of decomposing healthcare cost and considering the influence of health on investors' earnings,and solved a two - period model.The result shows that when the proportion of individuals' payment decreases,investors will increase other consumption except for healthcare cost and the relationship between them is nonlinear.For healthcare system the government's stable input will decrease the fluctuation of labor income and people's need of risk hedging. The main innovation of this paper is building a model of asset allocation with consideration of healthcare cost,analyzing the quantitative relationship between healthcare cost and individual asset allocation,and providing related policy advices.