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 …

-time pension insurance, we consider a model where for each period of retirement separate contracts can be purchased. Demand for the … retirement and two types of individuals, who differ in their life expectancy. In order to introduce the existence of limited …

optimal pension scheme even without labor mobility, which is the common source of inefficiencies in models of interregional …