, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to … manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We …

of cross-sections to estimate the age profile of assets is full of pitfalls. For example, if wealth and mortality are … paper examines the effect of differential mortality on cross-sectional estimates of wealth-age profiles. Our approach is to … quantify the dependence of mortality rates on wealth and use these estimates to 'correct' wealth-age profiles for sample …

This paper investigates whether subjective expectations about future mortality affect consumption and bequests motives … involuntary or accidental. Moreover, parameter estimates using subjective mortality risk perform better in predicting out …-of-sample wealth levels than estimates using life table mortality risks, suggesting that decisions about consumption and saving are …

According to the life-cycle model, mortality risk will influence both retirement and the desire to annuitize wealth. We …

We examine the role of changing mortality in explaining the rise of retirement over the course of the 20th century. We … of death. In an environment in which mortality is high, an individual who saved up for retirement would face a high risk …. As mortality falls, however, it becomes optimal to plan, and save for, retirement. We simulate our model using actual …

' arises from differences in mortality risk, marital status, risk aversion, and the presence of pre-existing annuities such as …

stochastic event, age-specific mortality risks are endogenous variables, and spending on life protection is set jointly with …-specific mortality risks and implicit private values-of-life-saving (VLS) as "dual variables", and estimates them jointly. It also offers …