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Aggregate mortality risk - the risk that the mortality trend in a population changes in a nondeterministic way - and its implications for corporate decisions has recently been the subject of lively scientific discussion. We show that aggregate mortality risk is also a key determinant for...
Persistent link: https://www.econbiz.de/10012726979
calculate the welfare gains of deferred annuities considering stochastic mortality improvements. Deferred annuities are found to …
Persistent link: https://www.econbiz.de/10012712306
. We use a realistically calibrated life-cycle model and calculate the welfare gains of deferred annuities considering …
Persistent link: https://www.econbiz.de/10014189161
and calculate the welfare gains of deferred annuities under stochastic Lee- Carter mortality. Our results are relevant … annuities, which is of relevance to insurance pricing. …
Persistent link: https://www.econbiz.de/10005784844
and calculate the welfare gains of deferred annuities under stochastic Lee- Carter mortality. Our results are relevant … annuities, which is of relevance to insurance pricing. …
Persistent link: https://www.econbiz.de/10010263765
for annuities. (Copyright: Elsevier) …
Persistent link: https://www.econbiz.de/10008861934
When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...
Persistent link: https://www.econbiz.de/10011165648
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/10010314953
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
This Paper uses stochastic simulations on calibrated models to assess the steady state impact of different pension arrangements in an environment where financial markets are less than perfect. Surprisingly little is known about the optimal split between funded and unfunded systems when there are...
Persistent link: https://www.econbiz.de/10005792047