Who values life annuities more? Is it the healthy retiree who expects to live long and might become a centenarian, or is the unhealthy retiree with a short life expectancy more likely to appreciate the pooling of longevity risk? What if the unhealthy retiree is pooled with someone who is much...

The consensus among scholars is that (some) longevity risk pooling is the optimal strategy for drawing down wealth in retirement and a robust literature has developed around its measurement via annuity equivalent wealth (AEW). However, most of the published work is conducted numerically and...