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Development of Utility Function for Life Insurance Buyers in the Indian Market

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Author Info
Goutam Dutta,Sankarshan Basu,Jose John
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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Paper provided by Indian Institute of Management Ahmedabad, Research and Publication Department in its series IIMA Working Papers with number 2008-12-05.

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Date of creation: 26 Dec 2008
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Handle: RePEc:iim:iimawp:2008-12-05

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Green, Paul E & Srinivasan, V, 1978. " Conjoint Analysis in Consumer Research: Issues and Outlook," Journal of Consumer Research: An Interdisciplinary Quarterly, University of Chicago Press, vol. 5(2), pages 103-23, Se.
  2. Plott, Charles R, 1980. "Comments on "On Conjoint Analysis and Quantal Choice Models."," Journal of Business, University of Chicago Press, vol. 53(3), pages S45-46, July. [Downloadable!] (restricted)
  3. McFadden, Daniel, 1980. "Econometric Models for Probabilistic Choice among Products," Journal of Business, University of Chicago Press, vol. 53(3), pages S13-29, July. [Downloadable!] (restricted)
  4. Srinivasan, V, 1980. "Comments on "On Conjoint Analysis and Quantal Choice Models."," Journal of Business, University of Chicago Press, vol. 53(3), pages S47-50, July. [Downloadable!] (restricted)
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