two periods can be decided either sequentially or simultaneously. We show that only a situation where all risk types …

that different risk-groups prefer different types of contracts, and that only the sequential contracts, which are …

cohort mortality risk on the money's worth. We demonstrate that cohort mortality risk is quantitatively important, and show … that it is not possible to identify the effect of a cohort mortality risk model from that of an adverse selection model … adverse selection in the annuity market. However, a regulated life assurer with concerns about predicting long-run mortality …

Group Self-annuitisation Schemes (GSAs), or Pooled Annuity Schemes, are designed to share uncertain future mortality … experience including systematic improvements. They have been proposed because of the significant uncertainty of future mortality … payments when mortality improves significantly, the decreasing numbers in the pool at the older ages and the dependence of …

that different risk-groups prefer different types of contracts, and that only the sequential contracts, which are …