This study analyses self-insurance and saving decisions in a two-period model when the utility function depends on income and health. In this study, we consider an intertemporal and multi-dimensional cost–benefit structure of self-insurance and saving, unlike in the standard one-argument utility model. We show that the impacts of the changes in initial income and health on self-insurance and saving depend on whether an individual is correlation averse or not, the comparison between the absolute risk aversion and the absolute correlation aversion, and the comparison between the income effect and the substitution effect. We also show that self-insurance and saving can be either complements or substitutes.

当效用函数取决于收入和健康状况时，本研究在两个阶段的模型中分析了自我保险和储蓄决策。在这项研究中，我们考虑了自我保险和储蓄的跨时间和多维成本效益结构，这与标准的单参数效用模型不同。我们表明，初始收入和健康变化对自我保险和储蓄的影响取决于个人是否是厌恶厌恶，绝对风险厌恶与绝对厌恶厌恶之间的比较以及收入效应之间的比较。和替代效果。我们还表明，自我保险和储蓄可以是补充，也可以是替代。