that this variable was correlated both with annuity demand and with prospective mortality. Thus even though residential … inefficiencies that arise when annuity buyers have private information about mortality risk. Our findings raise interesting questions …

markets, focusing on the US, the UK, and Japan. Our results help assess the extent to which life insurers can hedge mortality …

We develop a theory of optimal financing for R&D-intensive firms that uses their unique features—large capital outlays …

; and v) considers why randomization appears to occur less often in practice than the theory suggests it should …

, consisting of all annuity policies sold by a large U.K. insurance company since the early 1980s, to analyze mortality differences …-post mortality and annuity policy characteristics, such as whether the annuity will make payments to the estate in the event of an … untimely death and whether the payments from the annuity rise over time. These mortality patterns are consistent with models of …