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Financial Regret at Older Ages and Longevity Awareness

Hurwitz, Abigail; Mitchell, Olivia S. - 2022

Older people often express regret about financial decisions made earlier in life that left them susceptible to old-age insecurity. Prior work has explored one outcome, saving regret, or peoples’ expressed wish that they had saved more earlier in life. The present paper extends attention to...

Persistent link: https://www.econbiz.de/10014235986

Mortality Beliefs and Saving Decisions : The Role of Personal Experiences

Horn, Frederik - 2022

This paper is the first to non-experimentally establish a causal relationship between households’ mortality beliefs and …’s expectation formation, I exploit the death of a close friend as an exogenous shock to the salience of mortality of a household … consumption life-cycle model by this shock to mortality beliefs to explore how personal experiences are incorporated into the …

Persistent link: https://www.econbiz.de/10013292543

Access to Credit Reduces the Value of Insurance

Jaffe, Sonia; Malani, Anup; Reif, Julian - National Bureau of Economic Research - 2024

We analyze the value of insurance when individuals have access to credit markets. Loans allow consumers to smooth financial shocks over time, decreasing the value of consumption smoothing from insurance. We derive formulas for the value of insurance that can be taken to data, and show how that...

Persistent link: https://www.econbiz.de/10014544674

Life Cycle Insurance and Life Annuity Loads

Arandjelovic, Aleksandar; Kingston, Geoffrey; … - 2023

We re-examine insurance purchases when life insurance and life annuities carry loads. The life cycle literature says that it is optimal to participate in these insurance markets throughout life, even under loads. A life annuity phase backs directly onto a life insurance phase. However, the...

Persistent link: https://www.econbiz.de/10014254442

On the Projection of Mortality Rates to Extreme Old Age

Dowd, Kevin - 2020

This article shows how cohort mortality rate projections of mortality models that involve age effects can be improved …

Persistent link: https://www.econbiz.de/10012839795

Are Retirement Planning Tools Substitutes or Complements to Financial Capability?

Goda, Gopi Shah; Levy, Matthew; Flaherty Manchester, … - National Bureau of Economic Research - 2022

We conduct a randomized controlled trial to understand how a web-based retirement saving calculator affects workers' retirement-savings decisions. In both conditions, the calculator projects workers' retirement income goal. In the treatment condition, it also projects retirement income based on...

Persistent link: https://www.econbiz.de/10013477215

Adverse selection with individual- and joint-life annuities

Pech, Susanne - 2004

This paper includes couples on the demand side and analyses their implications on the problem of adverse selection in the annuity market. First, we examine the pooling equilibrium for individual-life annuities and show that in the presence of couples the rate of return on individuallife...

Persistent link: https://www.econbiz.de/10009748292

Portfolio decisions on life annuities and financial assets with longevity and income uncertainty

Pech, Susanne - 2004

There are two stylised facts, namely weak demand for life-annuities and flat age-wealth profile that contradict the life-cycle hypothesis. In this paper we design a theoretical framework, which combines plausible arguments, which have been put forward in the literature to reconcile theory with...

Persistent link: https://www.econbiz.de/10009748294

Adverse selection with individual- and joint-life annuities

Pech, Susanne - 2004

Persistent link: https://www.econbiz.de/10002519721

Portfolio decisions on life annuities and financial assets with longevity and income uncertainty

Pech, Susanne - 2004

Persistent link: https://www.econbiz.de/10002519749

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