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Betting on Death and Capital Markets in Retirement : A Shortfall Risk Analysis of Life Annuities
Dus, Ivica - 2005
it offers higher expected benefits with lower expected shortfalls. Requiring unisex mortality tables in annuity pric-ing …
Persistent link: https://www.econbiz.de/10012467414
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Redistribution and Insurance : Mandatory Annuitization with Mortality Heterogeneity
Brown, Jeffrey R. - 2002
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 …
Persistent link: https://www.econbiz.de/10012469453
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Annuities for an Ageing World
Mitchell, Olivia S. - 2002
Substantial research attention has been devoted to the pension accumulation process, whereby employees and those advising them work to accumulate funds for retirement. Until recently, less analysis has been devoted to the pension decumulation process -- the process by which retirees finance...
Persistent link: https://www.econbiz.de/10012469621
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Life Cycle Annuity Valuation
Bernheim, B. Douglas - 1984
In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the …
Persistent link: https://www.econbiz.de/10012477575
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International Adverse Selection in Life Insurance and Annuities
McCarthy, David - 2003
markets, focusing on the US, the UK, and Japan. Our results help assess the extent to which life insurers can hedge mortality …
Persistent link: https://www.econbiz.de/10012468722
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Annuities and Individual Welfare
Davidoff, Thomas - 2003
This paper advances the theory of annuity demand. First, we derive sufficient conditions under which complete annuitization is optimal, showing that this well-known result holds true in a more general setting than in Yaari (1965). Specifically, when markets are complete, sufficient conditions...
Persistent link: https://www.econbiz.de/10012468984
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Fixed and Variable Longevity Annuities in Defined Contribution Plans : Optimal Retirement Portfolios Taking Social Security into Account
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - National Bureau of Economic Research - 2023
This paper investigates retirees' optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected Social Security benefits. As an alternative, we also evaluate using plan assets to boost Social Security benefits...
Persistent link: https://www.econbiz.de/10013537747
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Mortality Risk, Inflation Risk, and Annuity Products
Brown, Jeffrey R. - 2000
recent trends in the pricing of single-premium annuity products in the United States. Virtually all of the annuity products …. The paper concludes by summarizing recent data on the pricing of both nominal and inflation-linked annuities in the United …
Persistent link: https://www.econbiz.de/10012470938
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Differential Mortality and the Value of Individual Account Retirement Annuities
Brown, Jeffrey R. - 2000
an individual accounts retirement program. I first estimate mortality differentials by gender, race, ethnicity and level … of education using the National Longitudinal Mortality Study and document substantial differences. I then use these …
Persistent link: https://www.econbiz.de/10012471215
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Private Pensions, Mortality Risk, and the Decision to Annuitize
Brown, Jeffrey R. - 1999
' arises from differences in mortality risk, marital status, risk aversion, and the presence of pre-existing annuities such as …
Persistent link: https://www.econbiz.de/10012471597