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.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 2125
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Asymmetric and Private Information; Mechanism Design
- Thema
-
Alterssicherung
Sterblichkeit
Risikopräferenz
Agent-based Model
Vertragstheorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Direr, Alexis
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Direr, Alexis
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2007
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