| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13748 |
| 来源ID | Working Paper 13748 |
| Why Don't People Insure Late Life Consumption: A Framing Explanation of the Under-Annuitization Puzzle | |
| Jeffrey R. Brown; Jeffrey R. Kling; Sendhil Mullainathan; Marian V. Wrobel | |
| 发表日期 | 2008-01-22 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Rational models of risk-averse consumers have difficulty explaining limited annuity demand. We posit that consumers evaluate annuity products using a narrow "investment frame" that focuses on risk and return, rather than a "consumption frame" that considers the consequences for lifelong consumption. Under an investment frame, annuities are quite unattractive, exhibiting high risk without high returns. Survey evidence supports this hypothesis: whereas 72 percent of respondents prefer a life annuity over a savings account when the choice is framed in terms of consumption, only 21 percent of respondents prefer it when the choice is framed in terms of investment features. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Public Economics ; National Fiscal Issues ; Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w13748 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571422 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Jeffrey R. Kling,Sendhil Mullainathan,et al. Why Don't People Insure Late Life Consumption: A Framing Explanation of the Under-Annuitization Puzzle. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13748.pdf（67KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
