Optimal Annuitization with Incomplete Annuity Markets and Background Risk During Retirement [PDF]
We examine incomplete annuity menus and background risk as possible drivers of divergence from full annuitization. Contrary to what is often suggested in the literature, we find that full annuitization remains optimal if saving is possible after ...
Nijman, T.E. +2 more
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Portfolio decisions on life annuities and financial assets with longevity and income uncertainty [PDF]
, 2004 There are two stylised facts, namely weak demand for life-annuities and flat age-wealth profile that contradict the life-cycle hypothesis. In this paper we design a theoretical framework, which combines plausible arguments, which have been put forward in
Pech, Susanne
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Optimal gradual annuitization : quantifying the costs of switching to annuities [PDF]
, 2007 We compute the optimal dynamic asset allocation policy for a retiree with Epstein-Zin utility. The retiree can decide how much he consumes and how much he invests in stocks, bonds, and annuities.
Horneff, Wolfram J. +2 more
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Impacto sobre a renda per capita de longo prazo dos sistemas previdenciários de repartição
Economia Aplicada, 1998 In this paper we developed an overlapping generation model in continuos time. The life span of the households has two stages. The first stage begins after birth and ends at the age of retirement.
Samuel de Abreu Pessôa
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Mortality Contingent Claims, Health Care, and Social Insurance [PDF]
This paper analyzes the savings and health care impacts of mortality contingent claims, defined here as income measures, such as annuities and life-insurance, under which earned income is contingent on the length of one's life.
Gary S. Becker, Tomas Philipson
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Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts [PDF]
This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases trajectories for a consumer who can select her hours of work and also her retirement age.
Jingjing Chai +3 more
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The Design of Pension Pay Out Options when the Health Status during Retirement is Uncertain [PDF]
This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump-sum payment and an ...
Mathias Kifmann
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Optimal reinsurance programs for a portfolio of life annuities [PDF]
Insurance Markets and Companies, 2012 Paolo De Angelis +2 more
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Annuity Market Imperfection, Retirement and Economic Growth [PDF]
We study the effects of an annuity market imperfection on individual agents’ labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth.
Ben J. Heijdra, Jochen O. Mierau
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Lucha de bandos y beneficios eclesiásticos en los encastillamientos de Ciudad Rodrigo (1475-1520)
Studia Historica. Historia Medieval, 2009 RESUMEN: La rivalidad banderil de los últimos años del siglo XV y los primeros del XVI que enfrentó en Ciudad Rodrigo a los principales linajes de la ciudad, se extendió también al estamento eclesiástico.
José Ignacio MARTÍN BENITO +1 more
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