Arbeitspapier
Flexible life annuities
Annuity contracts typically deliver a stream of income at a predetermined level in order to insure against the risk of longevity. This paper explores whether flexible annuities, which give subscribers the possibility to choose between different levels for their annuities, may be welfare enhancing. In the case where agents gradually discover their actual probability of survival, a predetermined and one-size-fits-all annuity plan is optimal. If an expenditure risk is added along with the longevity risk, a flexible annuity plan is better even though the consumption path cannot be isolated from uninsured expenses anymore.
- Language
-
Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 2125
- Classification
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Asymmetric and Private Information; Mechanism Design
- Subject
-
Alterssicherung
Sterblichkeit
Risikopräferenz
Agent-based Model
Vertragstheorie
- Event
-
Geistige Schöpfung
- (who)
-
Direr, Alexis
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2007
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Direr, Alexis
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2007
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