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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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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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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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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
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Optimal retirement with disability pensions
Fehr, Hans; Fröhlich, Adrian W. - 2022
This paper develops a general equilibrium life-cycle model with endogenous retirement and disability risk, in order to quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions (DP) or old-age pensions (OAP), de-pending on...
Persistent link: https://www.econbiz.de/10013473681
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Funded and unfunded pension schemes : risk, return and welfare
Miles, David - 2000
This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on fun ded pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between funded and unfunded systems when there are sources of...
Persistent link: https://www.econbiz.de/10009781509
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Fully funded social security pensions, lifetime risk and income
Laps, Jochen - 2015
The paper analyzes the welfare consequences of insuring mortality risk by means of standard, fully funded Social … Security pensions when individuals wish to make transfers to their heirs. In the presence of uninsured mortality risk, within …
Persistent link: https://www.econbiz.de/10011391301
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Saving and taxation in a voluntary pension system : toward an agent-based model
Király, Balázs; Simonovits, András - 2016
Mandatory pension systems only partially replace old-age income, therefore the government also operates a voluntary pension system, where savings are matched by government grants. Accounting for the resulting tax expenditure, our models describe the income flow from shortsighted to farsighted...
Persistent link: https://www.econbiz.de/10011451322