| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19168 |
| 来源ID | Working Paper 19168 |
| Cognitive Constraints on Valuing Annuities | |
| Jeffrey R. Brown; Arie Kapteyn; Erzo F.P. Luttmer; Olivia S. Mitchell | |
| 发表日期 | 2013-06-28 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We show that people have difficulty valuing annuities, and this, instead of a preference for lumpsums, helps explain observed low annuity demand. Although the median price at which people are willing to sell an annuity stream is close to the actuarial value, many responses diverge greatly from optimizing behavior. Moreover, people will pay substantially less to buy than to sell annuities. We conclude that boundedly rational consumers adopt "buy low, sell high" heuristics when confronting a complex trade-off. This suggests that many consumers do not make optimizing decisions, underscoring the difficulty of explaining cross-sectional annuity valuation differences using standard models. |
| 主题 | Microeconomics ; Behavioral Economics ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w19168 |
| 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/576843 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Arie Kapteyn,Erzo F.P. Luttmer,et al. Cognitive Constraints on Valuing Annuities. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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