with two retirement periods. In this framework annuity companies can offer contracts with different payoffs over the … periods of retirement. Varying the time structure of the payoffs affects annuity demand and welfare of individuals with low …

retirement and two types of individuals, who differ in their life expectancy. In order to introduce the existence of limited …-time pension insurance, we consider a model where for each period of retirement separate contracts can be purchased. Demand for the … two periods can be decided either sequentially or simultaneously. We show that only a situation where all risk types …

retirement. In order to introduce the existence of limited-time pension insurance, we assume that for each period of retirement … that different risk-groups prefer different types of contracts, and that only the sequential contracts, which are …