(UBS Pensions Series 039) Rare Events and Annuity Market Participation

We investigate whether a rare event (like the default of the annuity provider) can explain the annuity market participation puzzle. High risk aversion is needed to change behavior in the presence of such a disastrous shock but higher risk aversion also makes annuities more valuable. Therefore, these rare events are unlikely candidates to explain the low take-up of voluntary annuities.

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Year of publication:	2005-12
Authors:	Michaelides, Alex ; Lopes, Paula
Institutions:	Financial Markets Group

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Extent:	application/pdf
Series:	FMG Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	The price is £15 for hardcopies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005073793