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2 edition of Annuities and individual welfare found in the catalog.

Annuities and individual welfare

by Thomas Davidoff

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  • 10 Currently reading

Published by Massachusetts Institute of Technology, Dept. of Economics in Cambridge, MA .
Written in English


About the Edition

Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness that are substantially less restrictive than those used by Yaari (1965). We examine demand with market incompleteness, finding that positive annuitization remains optimal widely, but complete annuitization does not. How uninsured medical expenses affect demand for illiquid annuities depends critically on the timing of the risk. A new set of calculations with optimal consumption trajectories very different from available annuity income streams still shows a preference for considerable annuitization, suggesting that limited annuity purchases are plausibly due to psychological or behavioral biases. Keywords: Annuities, annuitization, Social Security, pensions, longevity risk, insurance, standard-of-living, habit. JEL Classifications: D11, D91, E21, H55, J14, J26.

Edition Notes

Statement[by] Thomas Davidoff, Jeffrey Brown [and] Peter Diamond
SeriesWorking paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 03-15 [2005], Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 03-15.
ContributionsBrown, Jeffrey P., Diamond, Peter A., Massachusetts Institute of Technology. Dept. of Economics
The Physical Object
Pagination30 p. :
Number of Pages30
ID Numbers
Open LibraryOL24639983M
OCLC/WorldCa60565347

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Annuities and individual welfare by Thomas Davidoff Download PDF EPUB FB2

Annuities and Individual Welfare By T HOMAS D AVIDOFF,JEFFREY R. B ROWN, AND P ETER A. D IAMOND * Advancing annuity demand theory, we present sufÞcient conditions for the optimal-ity of full annuitization under market completeness which are substantially less restrictive than those used by Menahem E.

Yaari (). We examine demand with. Annuities and Individual Welfare Article in American Economic Review 95(5) February with Reads How we measure 'reads'. COVID Resources. Reliable information about the coronavirus (COVID) is available from the World Health Organization (current situation, international travel).Numerous and frequently-updated resource results are available from this ’s WebJunction has pulled together information and resources to assist library staff as they consider Annuities and individual welfare book to handle.

Downloadable. Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness which are substantially less restrictive than those used by Menahem E.

Yaari (). We examine demand with market incompleteness, finding that positive annuitization remains optimal widely, but complete annuitization does by:   Annuities and Individual Welfare by Thomas Davidoff, Jeffrey R.

Brown and Peter A. Diamond. Published in vol issue 5, pages of American Economic Review, DecemberAbstract: Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitizatio.

Get this from a library. Annuities and individual welfare. [Thomas Davidoff; Jeffrey R Brown; Peter A Diamond; National Bureau of Economic Research.] -- Abstract: This paper advances the theory of annuity demand. First, we derive sufficient conditions under which complete annuitization is optimal, showing that this well-known result holds true in a.

Annuities and Individual Welfare Thomas Davidoff, Jeffrey R. Brown, Peter A. Diamond. NBER Working Paper No. Issued in May NBER Program(s):Economics of Aging, Public Economics This paper advances the theory of annuity demand. ANNUITIESANDINDIVIDUALWELFARE ThomasDavidoff JeffreyBrown PeterDiamond WorkingPaper 5 May7, RoomE 50MemorialDrive Cambridge,MA KeyWords:Annuities,annuitization,SocialSecurity,pensions,longevityrisk,in-surance,standard-of-living,habit.

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Downloadable. This paper advances the theory of annuity demand. First, we derive sufficient conditions under which complete annuitization is optimal, showing that this well-known result holds true in a more general setting than in Yaari ().

Specifically, when markets are complete, sufficient conditions need not impose exponential discounting, intertemporal separability or the. ANNUITIES AND INDIVIDUAL WELFARE Thomas Davidoff* Jeffrey Brown Peter Diamond CRR WP May Center for Retirement Research at Boston College Fulton Hall Commonwealth Ave.

annuities are even more valuable than in the usual model of separability. Annuities and individual welfare. Thomas Davidoff, Jeffrey R. Brown, Peter A. Diamond. Gies College of Business; Finance; Research output: Contribution to journal › Review article.

How uninsured medical expenses affect demand for illiquid annuities depends critically on the timing of the risk.

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