全球智库信息集成服务系统(G2TT): How Do Retirees Value Life Annuities? Evidence from Public Employees

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15608
来源ID	Working Paper 15608
	How Do Retirees Value Life Annuities? Evidence from Public Employees
	John Chalmers; Jonathan Reuter
发表日期	2009-12-23
出版年	2009
语种	英语
摘要	Economists have long been puzzled by the low demand for life annuities. To shed new light on this puzzle, we study payout choices in the Oregon Public Employees Retirement System, where each retiree must choose between a lump sum and a life annuity. Notably, the average life annuity we study is better than actuarially fair when compared to the lump sum and 85% of retirees choose the life annuity. Whether and how retirees respond to variation in the value of life annuity payments depends crucially on the source of variation. We find strong evidence that demand responds to variation in retiree characteristics. In contrast, we find little evidence that demand responds to plausibly exogenous variation in annuity pricing, which is economically meaningful but less salient. Finally, we find robust evidence that demand for the lump sum increases with recent equity market returns and other salient measures of investor sentiment.
主题	Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w15608
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/573284
推荐引用方式 GB/T 7714	John Chalmers,Jonathan Reuter. How Do Retirees Value Life Annuities? Evidence from Public Employees. 2009.

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
w15608.pdf（457KB）	智库出版物		限制开放	CC BY-NC-SA	浏览