annuity and a lump sum at retirement. Our analysis suggests the existence of an ?acquiescence bias?, meaning that a majority …'s worth of an annuity is considerably below the corresponding value of married men, are not more likely to choose the capital …

in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would …

the annuity. Agents trade-off the advantages from annuitization, receiving the wealth-enhancing mortality credit, to the …

, individuals with low wealth find it unambiguously optimal to cash out, because the annuity income from pension wealth reduces the … the form of means-tested benefits. We analyze optimal annuity demand and consumption/savings decisions in a realistic life …

the annuity. Agents trade-off the advantages from annuitization, receiving the wealthenhancing mortality credit, to the …

This paper examines two behavioral factors that diminish people's ability to value a life-time income stream or annuity … complexity, we provide the first causal evidence that increasing the complexity of the annuity choice reduces respondents …' ability to value the annuity, measured by the difference between the sell and buy values people assign to the annuity. We also …

their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a …

delays if, by delaying benefits, people received a lump sum instead of an annuity. We predict that current early claimers …

change in the Swedish pension system that highlighted a five-year payout on the expense of a life annuity not only increased …