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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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Annuity Market Imperfection, Retirement and Economic Growth
Heijdra, Ben J. - 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/10013157843
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Stimulating annuity markets
Heijdra, Ben J.; Mierau, Jochen O.; Trimborn, Timo - 2014
We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted by negative general-equilibrium...
Persistent link: https://www.econbiz.de/10010361493
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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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Individual Welfare Gains from Deferred Life-Annuities Under Stochastic Mortality
Post, Thomas - 2010
the capital accumulated. Considering stochastic mortality improvements, the lump-sum option could be of potential value … for the policyholder. Whenever mortality improves less than expected at contract inception, the policyholder will choose … stochastic mortality. Our results are relevant for individual retirement planning, pension system design, and insurance pricing …
Persistent link: https://www.econbiz.de/10014189161
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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/10010266022
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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/10010274230
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The Tragedy of Annuitization
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - CESifo - 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/10008511614
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Annuity Market Imperfection, Retirement and Economic Growth
Heijdra, Ben J.; Mierau, Jochen O. - CESifo - 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/10005013054
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Economic Growth and Longevity Risk with Adverse Selection
Heijdra, Ben J.; Reijnders, Laurie S. M. - CESifo - 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/10008583659