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Bernheim, B. Douglas - 1984

In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the assumption of pure lifecycle motives. Instead, we show that the simple discounted value of future benefits (ignoring the possibility of death) is often a good approximation to the...

Persistent link: https://www.econbiz.de/10012477575

Lifecycle Portfolio Choice with Systematic Longevity Risk and Variable Investment-Linked Deferred Annuities

Kartashov, Vasily - 2011

, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to … manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We …

Persistent link: https://www.econbiz.de/10012461152

Hedging and Competition

Giambona, Erasmo; Kumar, Anil; Phillips, Gordon M. - National Bureau of Economic Research - 2021

We study how risk management through hedging impacts firms and competition among firms in the life insurance industry - an industry with over 7 Trillion in assets and over 1,000 private and public firms. We show that firms that are likely to face costly external finance increase hedging after...

Persistent link: https://www.econbiz.de/10012629427

Preference Heterogeneity and Insurance Markets : Explaining a Puzzle of Insurance

Cutler, David M. - 2008

Standard theories of insurance, dating from Rothschild and Stiglitz (1976), stress the role of adverse selection in explaining the decision to purchase insurance. In these models, higher risk people buy full or near-full insurance, while lower risk people buy less complete coverage, if they buy...

Persistent link: https://www.econbiz.de/10012464902

The Fragility of Market Risk Insurance

Koijen, Ralph - 2018

Insurers sell retail financial products called variable annuities that package mutual funds with minimum return guarantees over long horizons. Variable annuities accounted for $1.5 trillion or 34 percent of U.S. life insurer liabilities in 2015. Sales fell and fees increased after the 2008...

Persistent link: https://www.econbiz.de/10012453531

Education and Health Over the Life Cycle

Kaestner, Robert - 2020

mortality, education has little effect until age 60, but then lowers the hazard rate of death. For measures of morbidity … selective mortality. In addition, most of the apparent beneficial effect of education stems from obtaining a high school degree … or more. It is the health and mortality of lowest education group--those with less than a high school degree …

Persistent link: https://www.econbiz.de/10012479359

Early Childhood Education and Life-cycle Health

García, Jorge Luis - 2020

prevalence of heart disease, stroke, cancer, and mortality across the life-cycle. For men, we estimate an average reduction of 3 …

Persistent link: https://www.econbiz.de/10012482060

Interpreting the Evidence on Life Cycle Skill Formation

Cunha, Flavio - 2005

This paper presents economic models of child development that capture the essence of recent findings from the empirical literature on skill formation. The goal of this essay is to provide a theoretical framework for interpreting the evidence from a vast empirical literature, for guiding the next...

Persistent link: https://www.econbiz.de/10012467352

Directed Search over the Life Cycle

Menzio, Guido - 2012

We develop a life-cycle model of the labor market in which different worker-firm matches have different quality and the assignment of the right workers to the right firms is time consuming because of search and learning frictions. The rate at which workers move between unemployment, employment...

Persistent link: https://www.econbiz.de/10012255173

Alcoholism, Work, and Income Over the Life Cycle

Mullahy, John - 1991

We find that alcoholism decreases labor force participation among prime age males, and therefore decreases the income of this group. The effects of alcoholism on the labor force participation of younger and older males and on the wage rates of prime age males are not significantly positive. We...

Persistent link: https://www.econbiz.de/10012475078

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