The Economic Theory of Annuities / / Eytan Sheshinski.
Annuities are financial products that guarantee the holder a fixed return so long as the holder remains alive, thereby providing insurance against lifetime uncertainty. The terms of these contracts depend on the information available to insurance firms. Unlike age and gender, information about indiv...
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| Superior document: | Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
|---|---|
| VerfasserIn: | |
| Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2022] ©2008 |
| Year of Publication: | 2022 |
| Language: | English |
| Online Access: | |
| Physical Description: | 1 online resource (184 p.) :; 26 line illus. |
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| LEADER | 07092nam a22013575i 4500 | ||
|---|---|---|---|
| 001 | 9781400829422 | ||
| 003 | DE-B1597 | ||
| 005 | 20220729113935.0 | ||
| 006 | m|||||o||d|||||||| | ||
| 007 | cr || |||||||| | ||
| 008 | 220729t20222008nju fo d z eng d | ||
| 010 | |a 2021694933 | ||
| 020 | |a 9781400829422 | ||
| 024 | 7 | |a 10.1515/9781400829422 |2 doi | |
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| 082 | 0 | 4 | |a 368.37 |2 22 |
| 100 | 1 | |a Sheshinski, Eytan, |e author. |4 aut |4 http://id.loc.gov/vocabulary/relators/aut | |
| 245 | 1 | 4 | |a The Economic Theory of Annuities / |c Eytan Sheshinski. |
| 264 | 1 | |a Princeton, NJ : |b Princeton University Press, |c [2022] | |
| 264 | 4 | |c ©2008 | |
| 300 | |a 1 online resource (184 p.) : |b 26 line illus. | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 347 | |a text file |b PDF |2 rda | ||
| 505 | 0 | 0 | |t Frontmatter -- |t Contents -- |t Preface -- |t Chapter 1 Introduction -- |t Chapter 2 Benchmark Calculations: Savings and Retirement -- |t Chapter 3 Survival Functions, Stochastic Dominance, and Changes in Longevity -- |t Chapter 4 Life Cycle Model with Longevity Risk: First Best and Competitive Equilibrium -- |t Chapter 5 Comparative Statics, Discounting, Partial Annuitization, and No Annuities -- |t Chapter 6 Subjective Beliefs and Survival Probabilities -- |t Chapter 7 Moral Hazard -- |t Chapter 8 Uncertain Future Survival Functions -- |t Chapter 9 Pooling Equilibrium and Adverse Selection -- |t Chapter 10 Income Uncertainty -- |t Chapter 11 Life Insurance and Differentiated Annuities -- |t Chapter 12 Annuities, Longevity, and Aggregate Savings -- |t Chapter 13 Utilitarian Pricing of Annuities -- |t Chapter 14 Optimum Taxation in Pooling Equilibria -- |t Chapter 15 Bundling of Annuities and Other Insurance Products -- |t Chapter 16 Financial Innovation—Refundable Annuities (Annuity Options) -- |t References -- |t Index |
| 506 | 0 | |a restricted access |u http://purl.org/coar/access_right/c_16ec |f online access with authorization |2 star | |
| 520 | |a Annuities are financial products that guarantee the holder a fixed return so long as the holder remains alive, thereby providing insurance against lifetime uncertainty. The terms of these contracts depend on the information available to insurance firms. Unlike age and gender, information about individual survival probabilities cannot be readily ascertained. This asymmetric information causes market inefficiencies, such as adverse selection. Groundbreaking in its scope, The Economic Theory of Annuities offers readers a theoretical analysis of the functioning of private annuity markets. Starting with a general analysis of survival functions, stochastic dominance, and characterization of changes in longevity, Eytan Sheshinski derives the demand for annuities using a model of individuals who jointly choose their lifetime consumption and retirement age. The relation between life insurance and annuities that have a bequest option is examined and "annuity options" are proposed as a response to the lack of secondary markets. This book also investigates the macroeconomic policy implications of annuities and changes in longevity on aggregate savings. Sheshinski utilizes statistical population theory to shed light on the debate of whether the surge in savings and growth in Asia and other countries can be attributed to higher longevity of the population and whether this surge is durable. This book shows how understanding annuities becomes essential as governments that grapple with insolvency of public social security systems place greater emphasis on individual savings accounts. | ||
| 538 | |a Mode of access: Internet via World Wide Web. | ||
| 546 | |a In English. | ||
| 588 | 0 | |a Description based on online resource; title from PDF title page (publisher's Web site, viewed 29. Jul 2022) | |
| 650 | 0 | |a Annuities. | |
| 650 | 7 | |a BUSINESS & ECONOMICS / Economics / Theory. |2 bisacsh | |
| 653 | |a Finance Act. | ||
| 653 | |a Lagrange multiplier. | ||
| 653 | |a Pareto optimality. | ||
| 653 | |a Ulpianus, Domitius. | ||
| 653 | |a World Bank. | ||
| 653 | |a adverse selection. | ||
| 653 | |a after-tax retirement annuities (ATRA). | ||
| 653 | |a age composition effect. | ||
| 653 | |a aggregate resource constraint. | ||
| 653 | |a annuity puzzle. | ||
| 653 | |a asymmetric information. | ||
| 653 | |a behavioral models. | ||
| 653 | |a bequests. | ||
| 653 | |a bounded rationality. | ||
| 653 | |a bundling. | ||
| 653 | |a certainty equivalence. | ||
| 653 | |a consumption: after retirement. | ||
| 653 | |a cost effects. | ||
| 653 | |a cross-subsidization. | ||
| 653 | |a demand elasticity. | ||
| 653 | |a disability benefits. | ||
| 653 | |a envelope theorem. | ||
| 653 | |a equilibrium. | ||
| 653 | |a expected lifetime utility. | ||
| 653 | |a fertility rate. | ||
| 653 | |a full annuitization. | ||
| 653 | |a game theory. | ||
| 653 | |a general equilibrium effect. | ||
| 653 | |a government. | ||
| 653 | |a hazard rate. | ||
| 653 | |a hyperbolic discounters. | ||
| 653 | |a information. | ||
| 653 | |a insurance. | ||
| 653 | |a investment. | ||
| 653 | |a labor utility. | ||
| 653 | |a life expectancy. | ||
| 653 | |a liquidity. | ||
| 653 | |a longevity. | ||
| 653 | |a markets. | ||
| 653 | |a national defined contribution systems. | ||
| 653 | |a normal retirement age (NRA). | ||
| 653 | |a optimum commodity taxation. | ||
| 653 | |a pension funds. | ||
| 653 | |a pooling equilibrium. | ||
| 653 | |a refundable annuities. | ||
| 653 | |a reverse life insurance. | ||
| 653 | |a risk class. | ||
| 653 | |a self selection. | ||
| 653 | |a sequential equilibrium. | ||
| 653 | |a taxes. | ||
| 653 | |a unintended bequests. | ||
| 653 | |a wages. | ||
| 773 | 0 | 8 | |i Title is part of eBook package: |d De Gruyter |t Princeton University Press eBook-Package Backlist 2000-2013 |z 9783110442502 |
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| 856 | 4 | 0 | |u https://doi.org/10.1515/9781400829422?locatt=mode:legacy |
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