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Brunner, Johann K. - 2006

The market for private life annuities is characterised by adverse selection, that is, contracts offer lower than fair payoffs to individuals with low life expectancy. Moreover, life expectancy and income have been found to be positively correlated. The paper shows that a linear tax on annuity...

Persistent link: https://www.econbiz.de/10012781543

Stimulating Annuity Markets

Heijdra, Ben J. - 2014

We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted by negative general-equilibrium...

Persistent link: https://www.econbiz.de/10013051616

Taxes and Pensions

Diamond, Peter A. - 2009

Pension benefit rules depend on individual history far more than taxes do, and age plays a much larger role in pension determination than in tax determination. Apart from some simulation studies, theoretical studies of optimal tax design typically contain neither a mandatory pension system nor...

Persistent link: https://www.econbiz.de/10013160217

Pension Funding and Individual Accounts in Economies with Life-Cyclers and Myopes

Fehr, Hans - 2009

The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts in a general equilibrium overlapping generations model with idiosyncratic lifespan and labor income uncertainty. We distinguish between economies with rational and hyperbolic...

Persistent link: https://www.econbiz.de/10013157654

Annuity Market Imperfection, Retirement and Economic Growth

Heijdra, Ben J. - 2009

-independent wages and a constant mortality rate. In the first extension we study the implications for microeconomic decisions and … realistic mortality process. Our main findings are that the limited availability of annuities induces agents to retire early in … the first two models, but later in the model with age-dependent mortality. In all cases, the general equilibrium …

Persistent link: https://www.econbiz.de/10013157843

Taxing Pensions

Cremer, Helmuth - 2016

There exists a wide variety of tax treatments of pensions across the world. And the reasons for such a range of regimes are not clear. This note reviews the general principles of pension taxes and analyses the theoretical foundations of why pension incomes ought to be taxed specifically. To do...

Persistent link: https://www.econbiz.de/10012988229

Morbidity, Mortality, Health Expenditures and Annuitization

Tang, Kam Ki - 2010

In this paper we explore the implication of a morbidity risk for the relationship between longevity and annuitization. We divide old-age life into two periods with uncertain survival from the end of the first to the end of the second. We show that a rise in the survival rate causes different...

Persistent link: https://www.econbiz.de/10012759851

Economic Growth and Longevity Risk with Adverse Selection

Heijdra, Ben J. - 2010

external effects. Individual agents differ in terms of their mortality profile. At birth, nature assigns a health status to …

Persistent link: https://www.econbiz.de/10013148997

Endogenous Differential Mortality, Non-Contractible Effort and Non Linear Taxation

Leroux, M.‐L. - 2009

This paper studies a problem of non linear taxation when individuals have different longevities resulting from a non-monetary effort (like exercising). We first present the laissez-faire and the first best. Like Becker and Philipson (1998), we find that the laissez-faire level of effort is too...

Persistent link: https://www.econbiz.de/10012764527

Uncertain Length of Life, Retirement Age, and Optimal Pension Design

Aronsson, Thomas - 2018

In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and retirement-decisions, the results...

Persistent link: https://www.econbiz.de/10012919245

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