Time-consistent robust investment-reinsurance strategy with common shock dependence under CEV model.

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Tác giả: Lu Li, Zhijian Qiu

Ngôn ngữ: eng

Ký hiệu phân loại:

Thông tin xuất bản: United States : PloS one , 2025

Mô tả vật lý:

Bộ sưu tập: NCBI

ID: 728385

This paper investigates the optimal robust equilibrium investment and reinsurance strategy in a model with common shock dependent claims for an ambiguity-averse insurer (AAI). Suppose that the insurance company can purchase proportional reinsurance whose reinsurance premium is calculated by the expected value principle to disperse risks. The ambiguity-averse insurer's wealth process have two dependent classes of insurance business and the surplus can be invested in a financial market composed of one risk-free asset and one risky asset, where the risky asset's price is characterized by the constant elasticity of variance (CEV) model. Applying the game theory framework under the mean-variance criterion, the optimal investment reinsurance problem are derived. By adopting stochastic control theory and solving the corresponding extended Hamilton-Jacobi-Bellman (HJB) equations, we obtain the robust optimal investment-reinsurance strategy and the corresponding equilibrium value function. Furthermore, some numerical examples are provided to illustrate the effects of model parameters on the optimal investment and reinsurance strategy.
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