, 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 …

assumptions of full annuitization and deterministic health. Our framework can value the prevention of mortality and of illness … add $127 billion to the value of a one percent decline in future mortality …

Using the widely-cited Lee-Carter mortality model, we quantify aggregate mortality risk as the risk that the average … substantial mortality risk. We calculate that a markup of 3.7% on an annuity premium (or else shareholders' capital equal to 3 … aggregate mortality trends to 5% and a markup of 5.4% would reduce the probability of insolvency to 1%. Using the same model, we …

markets, focusing on the US, the UK, and Japan. Our results help assess the extent to which life insurers can hedge mortality …

test whether consumers make systematic mistakes in perceiving their mortality risks. We implement this test using data from … mortality risk, and one with consumers who are misguided about their life expectancy, and find that our data are most consistent …

information on mortality risk. The reason for this contradictory result is the existence of multiple dimensions of private … on mortality risk. A mixture density model is applied to disentangle these two effects …

household's mortality risk itself to be stochastic. Annuities still help to hedge longevity risk, but they are now subject to …