Davidoff, Thomas; Brown, Jeffrey R.; Diamond, Peter A. - In: American Economic Review 95 (2005) 5, pp. 1573-1590
Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness which are substantially less restrictive than those used by Menahem E. Yaari (1965). We examine demand with market incompleteness, finding that positive...