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(UBS Pensions Series 039) Rare Events and Annuity Market Participation

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  • Alex Michaelides
  • Paula Lopes

Abstract

We investigate whether a rare event (like the default of the annuity provider) can explain the annuity market participation puzzle. High risk aversion is needed to change behavior in the presence of such a disastrous shock but higher risk aversion also makes annuities more valuable. Therefore, these rare events are unlikely candidates to explain the low take-up of voluntary annuities.

Suggested Citation

  • Alex Michaelides & Paula Lopes, 2005. "(UBS Pensions Series 039) Rare Events and Annuity Market Participation," FMG Discussion Papers dp553, Financial Markets Group.
    • Handle: RePEc:fmg:fmgdps:dp553
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    File URL: http://www.lse.ac.uk/fmg/workingPapers/discussionPapers/fmgdps/dp553_UBS039pdf.pdf
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