variables, in particular mortality, when performing welfare comparisons over time. The idea is to apply various ways of … ‘correcting’ estimated income distribution measures for ‘sample selection’ due to differential mortality. We implement our … mortality, i.e. individuals who die leave the population and no longer contribute to monetary welfare, from the indirect effect …

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 …