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Differential Mortality and the Value of Individual Account Retirement Annuities
Brown, Jeffrey R. - 2000
an individual accounts retirement program. I first estimate mortality differentials by gender, race, ethnicity and level … of education using the National Longitudinal Mortality Study and document substantial differences. I then use these …
Persistent link: https://www.econbiz.de/10012471215
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Life Cycle Annuity Valuation
Bernheim, B. Douglas - 1984
In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the assumption of pure lifecycle motives. Instead, we show that the simple discounted value of future benefits (ignoring the possibility of death) is often a good approximation to the...
Persistent link: https://www.econbiz.de/10012477575
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Pensions and Mortality
Taubman, Paul J. - 1981
Pensions and age specific death rates are intertwined in several ways. Pensions provide a mechanism to remove the uncertainty about date of death from consumption planning. Age specific death rates determine the cost and value of pensions. In this paper, we use the Retirement History Survey to...
Persistent link: https://www.econbiz.de/10012478300
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Redistributive Effects of Different Pension Systems When Longevity Varies by Socioeconomic Status
Sánchez-Romero, Miguel - 2019
individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are … plans, calibrated on the US case. Compared to a benchmark non-redistributive plan that accounts for differences in mortality …
Persistent link: https://www.econbiz.de/10012479894
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Retirement in the Shadow (Banking)
Ordoñez, Guillermo - 2019
The U.S. economy has recently experienced two, seemingly unrelated, phenomena: a large increase in post-retirement life expectancy and a major expansion in securitization and shadow banking activities. We argue they are intimately related. Agents rely on financial intermediaries to save for...
Persistent link: https://www.econbiz.de/10012480281
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Survival Pessimism and the Demand for Annuities
O'Dea, Cormac - 2020
provide evidence that individuals misperceive their mortality risk, and study the demand for annuities in a setting where …
Persistent link: https://www.econbiz.de/10012481225
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Welfare Spending and Mortality Rates for the Elderly Before the Social Security Era
Stoian, Adrian - 2009
new panel data set of 75 cities for each year between 1929 and 1938 combines mortality rates for older age groups with …
Persistent link: https://www.econbiz.de/10012463679
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Life Expectancy and Old Age Savings
De Nardi, Mariacristina - 2009
Rich people, women, and healthy people live longer. We document that this heterogeneity in life expectancy is large, and we use an estimated structural model to assess its effect on the elderly's saving. We find that the differences in life expectancy related to observable factors such as...
Persistent link: https://www.econbiz.de/10012463996
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New Age Thinking : Alternative Ways of Measuring Age, Their Relationship to Labor Force Participation, Goverment Policies and GDP
Shoven, John B. - 2007
discussion of dependency ratios. Two alternative measures of age are explored: mortality risk and remaining life expectancy. With …. However, the fraction of the population that is above a mortality rate that corresponds to 65+ today will grow by only 20 … percent. Needless to say, the aging of the society is a lot less dramatic with the alternative mortality-based age measures …
Persistent link: https://www.econbiz.de/10012465170
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Life is Cheap : Using Mortality Bonds to Hedge Aggregate Mortality Risk
Friedberg, Leora - 2006
Using the widely-cited Lee-Carter mortality model, we quantify aggregate mortality risk as the risk that the average … substantial mortality risk. We calculate that a markup of 3.7% on an annuity premium (or else shareholders' capital equal to 3 … aggregate mortality trends to 5% and a markup of 5.4% would reduce the probability of insolvency to 1%. Using the same model, we …
Persistent link: https://www.econbiz.de/10012466687