THE BEQUEST MOTIVE AND SINGLE PEOPLE’S DEMAND FOR LIFE ANNUITIES [PDF]
The main objective of this paper is to go deeper into the “annuity puzzle” by introducing the altruistic and strategic bequest motive and determining whether this really is a relevant factor affecting the theoretical decision to purchase life annuities ...
ANA LEJÁRRAGA-GARCÍA +1 more
core
Lee-Carter mortality forecasting: methodological and computational issues [PDF]
, 2006 In this thesis we describe relevant aspects of the development of survival modelling in actuarial mathematics. In particular we introduce some recent mortality projection models and research dealing with uncertainty in future trends and we review the ...
Russolillo, Maria
core +1 more source
The Mexican pension annuity market [PDF]
This paper analyzes the performance and development of the Mexican pension annuity market established as a consequence of the 1997 pension reform. The Mexican experience displays interesting characteristics providing lessons for other countries that ...
Impavido, Gregorio
core
The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program [PDF]
We explore four issues concerning annuitization options that retirees might use in the decumulation phase of an individual accounts' retirement saving system. First, we investigate the operation of both real and nominal annuity individual annuity markets
Olivia S. Mitchell +2 more
core
The current value of the mathematical provision: a financial risk prospect [PDF]
The paper addresses the question of the calculation of the current value of the mathematical provision and moulds it in a deterministic and stochastic scenario, using a proper term structure of interest rates estimated by means of a Cox-Ingersoll-Ross ...
Di Lorenzo, Emilia +2 more
core
A conceptual framework for retirement products : Risk sharing arrangements between providers and retirees [PDF]
Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets.
Impavido, Gregorio +2 more
core
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 +4 more
core
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
Annuity Equivalent Wealth and the decision to subscribe private individual annuities [PDF]
We model the demand for private annuities following Yaari (1965). In the line of Brown (1999) we define an Annuity Equivalent Wealth (AEW) that reflects the fact that an annuity provides a greater utility to a risk adverse individual than an actuarially ...
R. MAHIEU, B. SÉDILLOT
core
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
core