| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7940 |
| DP7940 How Deep is the Annuity Market Participation Puzzle? | |
| Alexander Michaelides; Paula Lopes-Cocco; Joachim Inkmann | |
| 发表日期 | 2010-08-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Using U.K. microeconomic data, we analyze the empirical determinants of voluntary annuity market demand. We find that annuity market participation increases with financial wealth, life expectancy and education and decreases with other pension income and a pos- sible bequest motive for surviving spouses. We then show that these empirically motivated determinants of annuity market participation have the same, quantitatively important, effects in a life-cycle model of annuity and life insurance demand, saving and portfolio choice. Moreover, reasonable preference parameters predict annuity demand levels comparable to the data. For stockholders, a strong bequest motive can simultaneously generate balanced portfolios and low annuity demand. |
| 主题 | Financial Economics |
| 关键词 | Annuities Bequest motive Life insurance Portfolio choice |
| URL | https://cepr.org/publications/dp7940 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536777 |
| 推荐引用方式 GB/T 7714 | Alexander Michaelides,Paula Lopes-Cocco,Joachim Inkmann. DP7940 How Deep is the Annuity Market Participation Puzzle?. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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