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Annuity Choices in Chile: A Dynamic Approach

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  • José Luis Ruiz

Abstract

This study utilizes a variable derived from the Annuity Equivalent Wealth dynamic programming model developed by Brown (2001) and Mitchell et al. (1999). The model captures the benefits of having access to the annuity market. Using a unique data set of retirees from the Chilean labor market to analyze the empirical determinants of annuity choice, the study finds that sales agent contact, good health status, knowledge about the pension system, and greater education are associated with an increase in the probability of annuitization.

Suggested Citation

  • José Luis Ruiz, 2014. "Annuity Choices in Chile: A Dynamic Approach," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(S5), pages 6-21, September.
    • Handle: RePEc:mes:emfitr:v:50:y:2014:i:s5:p:6-21
    DOI: 10.2753/REE1540-496X5005S501
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    Cited by:

    1. Cristian Escudero & José L. Ruiz, 2022. "Choosing the highest annuity payout: the role of intermediation and firm reputation," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 973-1004, October.
    2. Cristian Escudero & José L. Ruiz, 2021. "Life insurance companies’ investment abroad and the internal rate of return on Chilean annuities," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(4), pages 688-709, October.
    3. Bonilla, Claudio A. & Tapia, Pablo & Ruiz, Jose Luis, 2024. "Are annuities an inferior or normal good? Evidence from a less-developed country," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 724-734.

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