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The tragedy of annuitization
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - 2011
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10009686203
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The tragedy of annuitization
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - 2011
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10009228946
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A tragedy of annuitization? : longevity insurance in general equilibrium
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - In: Macroeconomic dynamics 18 (2014) 7, pp. 1607-1634
Persistent link: https://www.econbiz.de/10010467918
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Economic growth and longevity risk with adverse selection
Heijdra, Ben J.; Reijnders, Laurie S. M. - 2009
external effects. Individual agents differ in terms of their mortality profile. At birth, nature assigns a health status to …
Persistent link: https://www.econbiz.de/10003923599
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A tFragedy of Annuitization? Longevity Insurance in General Equilibrium
Heijdra, Ben J. - 2011
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10013132752
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The tragedy of annuitization
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - 2010
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10010270647
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The macroeconomic effects of longevity risk under private and public insurance and asymmetric information
Heijdra, Ben J.; Jiang, Yang; Mierau, Jochen O. - 2017
We study the impact of a fully-funded social security system in an economy with heterogeneous consumers. The unobservability of individual health conditions leads to adverse selection in the private annuity market. Introducing social security - which is immune to adverse selection - affects...
Persistent link: https://www.econbiz.de/10011761551
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Annuity market imperfection, retirement and economic growth
Heijdra, Ben J.; Mierau, Jochen O. - 2009
-independent wages and a constant mortality rate. In the first extension we study the implications for microeconomic decisions and … realistic mortality process. Our main findings are that the limited availability of annuities induces agents to retire early in … the first two models, but later in the model with age-dependent mortality. In all cases, the general equilibrium …
Persistent link: https://www.econbiz.de/10003871897
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Economic Growth and Longevity Risk with Adverse Selection
Heijdra, Ben J. - 2010
external effects. Individual agents differ in terms of their mortality profile. At birth, nature assigns a health status to …
Persistent link: https://www.econbiz.de/10013148997
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Individual welfare gains from deferred life-annuities under stochastic Lee-Carter mortality
Post, Thomas - 2009
may either choose to receive annuity payouts, calculated based on a mortality table agreed to at contract inception, or … receive the accumulated capital as a lump sum. Considering stochastic mortality improvements, such an option could be of … substantial value. Whenever mortality improves less than originally expected, the policyholder will choose the lump sum and buy an …
Persistent link: https://www.econbiz.de/10003828653