Sanchez-Romero, Miguel - Departamento de Análisis Económico: Teoría … - 2005
This paper extends the annuity demand theory, giving new reasons for the small annuities demand. Regarding this problem, Yaari (1965) claims, under the condition that no one can die in debt, that a selfish consumer will fully annuitized her savings, insofar as annuity asset yield dominate...