UNCERTAINTY RESOLUTION AND THE TIMING OF ANNUITY PURCHASES
成果类型：
Article
署名作者：
BRUGIAVINI, A
署名单位：
University of London; London School Economics & Political Science
刊物名称：
JOURNAL OF PUBLIC ECONOMICS
ISSN/ISSBN：
0047-2727
DOI：
10.1016/0047-2727(93)90059-3
发表日期：
1993
页码：
31-62
关键词：
摘要：
This paper considers the question of why the annuity market is thin. A model is presented in which consumers have the option of purchasing annuities before discovering their survival probability; they can then recontract the initial choice after the resolution of this form of uncertainly. It is shown that consumers purchase insurance against their own survival-probability type at a very young age and do not undertake further transactions. This characterization is then used to analyze the effects of introducing future income uncertainty and to investigate the trade-off between old age insurance motive and portfolio flexibility.
来源URL：