Feigenbaum, James; Gahramanov, Emin; Tang, Xueli - In: Journal of Economic Behavior & Organization 93 (2013) C, pp. 116-140
Although rational consumers without bequest motives are better off investing exclusively with annuitized instruments in partial equilibrium, we demonstrate the welfare effect of annuitization is ambiguous in general equilibrium on account of pecuniary externalities. Absent institutional...