The Valuation and Redistribution Effect of the Korea National Pension [PDF]
This paper evaluates the Korea National Pension (KNP) and investigates its redistribution effects. The educational level is used as a proxy for mortality and various socioeconomic factors are considered.
Yuh, Yoonkyung, Yang, Jaehwan
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The Impact of Health Status and Out-of-Pocket Medical Expenditures on Annuity Valuation [PDF]
This paper describes how differences in health status at retirement can influence the decision to purchase a life annuity. We extend previous research on annuitization decisions by incorporating the effect of health differentials via differences in ...
Cassio M. Turra, Olivia S. Mitchell
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Adverse selection in the annuity market when payoffs vary over the time of retirement [PDF]
This paper investigates the effect of adverse selection and price competition on the private annuity market in a model with two retirement periods.
Johann K. Brunner, Susanne Pech
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An empirical analysis of the annuity rate in Chile [PDF]
Empirical analyses of annuities markets have been limited to a few industrial countries and restricted by data limitations. Chile provides excellent conditions for research on annuities because of the depth of its market and the availability of data. The
Thorburn, Craig +2 more
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Private Pensions, Mortality Risk, and the Decision to Annuitize [PDF]
This paper examines household decisions about whether or not to annuitize retirement resources. A life-cycle model of consumption, implemented with the use of dynamic programming techniques, is used to construct a utility-based measure of annuity value ...
Jeffrey R. Brown
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Testing for Asymmetric Information Using 'Unused Observables' in Insurance Markets: Evidence from the U.K. Annuity Market [PDF]
This paper tests for asymmetric information in the U.K. annuity market of the 1990s by trying to identify 'unused observables,' attributes of individual insurance buyers that are correlated both with subsequent claims experience and with insurance demand
James Poterba, Amy Finkelstein
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Assessing Investment and Longevity Risks within Immediate Annuities [PDF]
, 2007 Life annuities provide a guaranteed income for the remainder of the recipient’s lifetime, and therefore, annuitization presents an important option when choosing an adequate investment strategy for the retirement ages.
Weber, Frederik, Bauer, Daniel
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Annuity Prices and Saving Behavior in the United States [PDF]
The observed reluctance of most individuals in the United States to buy individual life annuities, and the concomitant approximately flat average age-wealth profile, stand in sharp contradiction to the standard life cycle model of consumption-saving ...
Benjamin M. Friedman, Mark Warshawsky
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Tax-Efficient Pension Choices in the UK [PDF]
, 2009 The special tax treatment of United Kingdom pensions means that the decision on how to use pension assets is particularly involved. In particular, the ability to take up to 25% of pension assets as a tax-free cash lump sum at retirement, offers retirees ...
Sweeting, Paul, Paul Sweeting
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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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