We propose a new approach to the study of stock returns. We develop a simple model to show that, in the long run, the average rate of return on the market portfolio equals the average growth rate of income plus an average payout rate measuring the quantity of inancial resources distributed or...

We describe the main characteristics of the Italian annuity market in a comparative perspective. We present for the first time a comprehensive dataset concerning annuity prices in Italy, and compute indicators of actuarial fairness (money’s worth ratios). It turns out that annuities sold in...