Affiliations: [a] Hebi Institute of Engineering and Technology, Henan Polytechnic University, Hebi, Henan, China | [b] Hebi Polytechnic, Hebi, Henan, China | E-mail: [email protected]
Abstract: This paper studies how a couple in a family can reasonably allocate the family wealth to investment, consumption and life insurance in terms of of partial information, so as to maximize the family wealth. After constructing an appropriate mathematical model, the optimal strategy is mainly discussed before and after the death of the first family member, the corresponding value function is obtained, as well as the explicit solution of optimal strategy under the logarithmic utility function is given.
