interesting investigation has been in the area of annuities, which are financial products intended to cover the risk of retirees …

manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We …, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

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 …. Insurance companies could deal with aggregate mortality risk by transferring it to financial markets through mortality …

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

withdrawal rule seems attractive, as it offers relatively low expected shortfall risk, good expected payouts for the retiree … it offers higher expected benefits with lower expected shortfalls. Requiring unisex mortality tables in annuity pric …

This paper examines the distributional implications of mandatory longevity insurance when there is mortality … alternative annuity programs in the presence of differential mortality across groups. This paper embeds that analysis into a life … is welfare enhancing even for those individuals with much higher-than-average expected mortality rates, so long as …

We study how risk management through hedging impacts firms and competition among firms in the life insurance industry … hedging. Post reform impacted firms have lower risk and fewer negative income shocks. Product market competition is also … face costly external finance increase hedging after staggered state-level financial reform that reduces the costs of …