Pashchenko, Svetlana - Volkswirtschaftliche Fakultät, … - 2012
investment in annuities. This paper shows that quantitatively four explanations play a big role in reducing annuity demand …: preannuitized wealth, minimum annuity purchase requirement, illiquidity of housing wealth, and bequest motives. The annuity purchase … housing is illiquid and part of wealth is preannuitized. While bequest motives significantly reduce the overall annuity demand …