Results 71 to 80 of about 5,324,674 (240)

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
Amy Finkelstein, James Poterba
core  

On Smoothing and Habit Formation of Variable Life Annuity Benefits

Journal of Risk and Financial Management
This paper studies optimal consumption and investment strategies with lifetime uncertainty to design a smooth pension product. In a simplified Black–Scholes market, we investigate three strategies for consumption and investment: the classical strategy ...
Mogens Steffensen, Savannah Halling Vikkelsøe   +1 more
semanticscholar   +1 more source

Representation, medical examination, and the effectiveness of underwriting: Evidence from a life and health insurance company

Risk Management and Insurance Review, EarlyView.
Abstract This study examines whether underwriting methods—representation, medical examination, extra premiums, and coverage—effectively mitigate adverse selection using data from an insurance company. Regarding representation, we focus on statements disclosing pre‐existing medical conditions.
Chia‐Ling Ho, Gene Lai, Chen‐Hsu Liao, Zifen Zeng   +3 more
wiley   +1 more source

Social welfare effects of annuitization in small open economies

The Scandinavian Journal of Economics, EarlyView.
Abstract This paper develops a theory of when annuitization improves or reduces social welfare. The analysis is based on a small open economy with exogenous prices, populated by overlapping generations of non‐altruistic agents. Annuities provide longevity risk insurance and above‐market returns, but also reduce accidental bequests that transfer ...
Tim D. Maurer
wiley   +1 more source

Variable Annuities and Systemic Risk

Annales des Mines - Réalités industrielles, 2020
This chapter argues that variable annuities may cause systemic risk in the insurance sector. Life insurers, in particular in the US, have transformed their business by moving from largely diversifiable activities to taking on market risk. This exacerbated by the fact the variable annuities are typically supplemented with guarantees. Such guarantees are
openaire   +2 more sources

Purchasing-Power Annuities: Financial Innovation for Stable Real Retirement Income in an Inflationary Environment [PDF]

This paper is organized as follows: The first part of the paper introduces the topic. In the next part, we explore the inadequacies of conventional and equity-based variable annuities in an inflationary environment by contrasting them with a hypothetical
Zvi Bodie
core  

A State-Space Estimation of the Lee-Carter Mortality Model and Implications for Annuity Pricing

, 2015
In this article we investigate a state-space representation of the Lee-Carter model which is a benchmark stochastic mortality model for forecasting age-specific death rates.
Fung, Man Chung, Peters, Gareth W., Shevchenko, Pavel V.   +2 more
core   +1 more source

TAXATION OF A GMWB VARIABLE ANNUITY IN A STOCHASTIC INTEREST RATE MODEL

, 2019
Modeling taxation of Variable Annuities has been frequently neglected but accounting for it can significantly improve the explanation of the withdrawal dynamics and lead to a better modeling of the financial cost of these insurance products.
Andrea Molent
semanticscholar   +1 more source

The Quality of Clarity: Lessons from the Sixty‐Year Struggle to Maintain the Purity of Lake Taupō

Kōtuitui: New Zealand Journal of Social Sciences Online, Volume 21, Issue 2, June 2026.
Sixty years of effort to protect the exceptionally clear water of Lake Taupō, the largest lake in Aotearoa New Zealand, show how environmental memory can help manage a cultural and natural resource. I describe how water clarity and quality in this lake have been protected, through managing soil erosion and phosphorus flows during the 1960s–1980s, and ...
Jonathan West
wiley   +1 more source

Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans [PDF]

How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One possibility would be to purchase an immediate annuity.
Ivica Dus, Olivia S. Mitchell, Raimond Maurer   +2 more
core