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Development of utility function for life insurance buyers in the Indian market

G Dutta, S Basu and J John
The Journal of the Operational Research Society
Vol. 61, No. 4 (April 2010), pp. 585-593
Stable URL: http://www.jstor.org/stable/40608181
Page Count: 9
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Development of utility function for life insurance buyers in the Indian market
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Abstract

Insurance as a financial instrument has been used for a long time. The dramatic increase in competition within the insurance sector (in terms of providers coupled with awareness for the need for insurance) has concomitantly resulted in more policy options being available in the market. The insurance seller needs to know the buyer's preference for an insurance product accurately. Based on such multi-criterion decision-making, we use a logarithmic goal programming method to develop a linear utility model. The model is then used to develop a ready reckoner for policies that will aid investors in comparing them across various attributes.

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