On the public economics of annuities with differential mortality

• 成果类型: Article
• 署名作者: Bommier, Antoine; Leroux, Marie-Louise; Lozachmeur, Jean-Marie
• 署名单位: Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Swiss Federal Institutes of Technology Domain; ETH Zurich; Universite Catholique Louvain
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2010.11.020
• 发表日期: 2011
• 页码: 612-623
• 关键词: Uncertain Lifetime; redistribution; Annuities; Nonlinear Taxation

摘要

This paper studies the problem of redistribution between individuals having different mortality rates. We use a continuous time model in which there are two types of individuals characterized by different survival probability paths. Individual preferences are represented by a generalized life-cycle utility function which can exhibit temporal risk aversion. We successively compare utilitarian allocations when individuals exhibit temporal risk neutrality and temporal risk aversion. This problem is analyzed in the contexts of full information and asymmetric information on mortality rates. (C) 2010 Elsevier B.V. All rights reserved.