Results 91 to 100 of about 8,384 (230)

Reference dependence and lottery participation

Economic Inquiry, Volume 64, Issue 3, Page 886-894, July 2026.
Abstract We assume that lottery participants are poor relative to their target income. Reference dependence with loss aversion can render the marginal utility of income non‐monotonic in line with the Friedman–Savage hypothesis. As a result, lottery participation can be rationalized without invoking probability weighting.
Robertas Zubrickas
wiley   +1 more source

Selection Effects in the Market for Individual Annuities: New Evidence from the United Kingdom [PDF]

This paper presents new evidence on the importance of adverse selection in individual annuity markets. It focuses on the individual annuity market in the United Kingdom, which provides an excellent empirical setting for studying selection effects.
James Poterba, Amy Finkelstein
core  

Valuation of Inflation-Linked Annuities in a Lévy Market

Journal of Applied Mathematics, 2011
We study the problem of pricing an inflation adjusted annuity in a forward rates market with jumps. Since the market will be incomplete, we use the minimal fq-martingale measure Qq which we use for computing discounted expectations.
Sure Mataramvura
doaj   +1 more source

Can “compulsory” annuities provide a fair pension?

, 2006
This discussion paper finds that since 2002 compulsory annuities no longer provide an actuarially fair pension. Hence annuities are a poor investment giving returns of less than 85% in present value terms.
FitzGerald, EMN
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Individual Welfare Gains from Deferred Life-Annuities under Stochastic Lee-Carter Mortality [PDF]

A deferred annuity typically includes an option-like right for the policyholder. At the end of the deferment period, he may either choose to receive annuity payouts, calculated based on a mortality table agreed to at contract inception, or receive the ...
Thomas Post
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Mathematical Models for the Longevity Risk in the Annuity Market [PDF]

The markets for longevity derivatives are starting to develop. In last years, many companies have closed the defined benefit retirement plans that they used to offer to their employees. In addition, some governments increased the retirement age by 2 or 5
Iulian MIRCEA
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Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans. [PDF]

, 2003
How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One possibility would be to purchase an immediate annuity.
Mitchell, Olivia S, Maurer, Raimond H., Mitchell, Olivia S., Dus, Ivica, Maurer, Raimond   +4 more
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How do subjective mortality beliefs affect the value of social security and the optimal claiming ages?

International Studies of Economics
Households that postpone claiming Social Security benefits are, in effect, making additional purchases of the Social Security annuity and acquiring valuable longevity insurance.
Tiantian Dai, Wei Sun, Anthony Webb
doaj   +1 more source

Equity-linked insurances and guaranteed annuity options

We consider here term and whole-life cases of the equity-linked life insurance(ELLI), and the guaranteed annuity option (GAO). We present a financial instrument which is a combination of ELLI and GAO in a stochastic interest rate framework.equity-linked ...
Pazdan-Siudeja, Liliana, Burnecki, Krzysztof   +1 more
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How Do Retirees Value Life Annuities? Evidence from Public Employees [PDF]

Economists have long been puzzled by the low demand for life annuities. To shed new light on this puzzle, we study payout choices in the Oregon Public Employees Retirement System, where each retiree must choose between a lump sum and a life annuity ...
Jonathan Reuter, John Chalmers
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