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

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

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 …

, 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 …

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 …

it offers higher expected benefits with lower expected shortfalls. Requiring unisex mortality tables in annuity pric …

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 …