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In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the …
Persistent link: https://www.econbiz.de/10012762969
manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We …, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …
Persistent link: https://www.econbiz.de/10013119604
Some contend the US labor market will fail to adapt smoothly to an aging workforce, whereas others argue that employee pensions can and will play an important role in helping companies induce desired turnover patterns. This paper undertakes a longitudinal examination of pension retirement...
Persistent link: https://www.econbiz.de/10012777143
interesting investigation has been in the area of annuities, which are financial products intended to cover the risk of retirees …
Persistent link: https://www.econbiz.de/10013229333
substantial mortality risk. We calculate that a markup of 3.7% on an annuity premium (or else shareholders%u2019 capital equal to … risk aversion, annuity providers should be able to hedge aggregate mortality risk via such bonds at a very low cost …Using the widely-cited Lee-Carter mortality model, we quantify aggregate mortality risk as the risk that the average …
Persistent link: https://www.econbiz.de/10012761756
This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations … public pension fund management, we find evidence that funds chose greater overall asset - liability portfolio risk following …, pension plans take more risk when they have greater representation by plan participants on their Boards of Trustees …
Persistent link: https://www.econbiz.de/10013115597
We calculate the present value of state pension liabilities under existing policies, and separately under policy changes that would affect pension payouts including cost of living adjustments (COLAs), retirement ages, and buyout schedules for early retirement. Liabilities if plans were frozen as...
Persistent link: https://www.econbiz.de/10013137026
group and individual products. We also compare results with prior analyses of adverse selection in international annuity … markets, focusing on the US, the UK, and Japan. Our results help assess the extent to which life insurers can hedge mortality …
Persistent link: https://www.econbiz.de/10012786402
This is the first paper to document the effect of health on the migration propensities of African Americans in the American past. Using both IPUMS and the Colored Troops Sample of the Civil War Union Army Data, I estimate the effects of literacy and health on the migration propensities of...
Persistent link: https://www.econbiz.de/10013230210
The proportion of workers covered by pensions has increased very substantially over the past two or three decades, and in particular the number of older workers with pensions continues to increase. During the same period,and especially in the past decade, the labor force participation of older...
Persistent link: https://www.econbiz.de/10012762972