Optimal annuitization, uncertain survival probabilities, and maxmin preferences
Author
Abstract
Suggested Citation
DOI: 10.1016/j.econlet.2011.12.045
Note: View the original document on HAL open archive server: https://hal.science/hal-00670320
Download full text from publisher
Other versions of this item:
- d’Albis, Hippolyte & Thibault, Emmanuel, 2012. "Optimal annuitization, uncertain survival probabilities, and maxmin preferences," Economics Letters, Elsevier, vol. 115(2), pages 296-299.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Optimal annuitization, uncertain survival probabilities, and maxmin preferences," Post-Print hal-00670320, HAL.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Optimal annuitization, uncertain survival probabilities, and maxmin preferences," PSE-Ecole d'économie de Paris (Postprint) hal-00670320, HAL.
References listed on IDEAS
- Thomas Davidoff & Jeffrey R. Brown & Peter A. Diamond, 2005.
"Annuities and Individual Welfare,"
American Economic Review, American Economic Association, vol. 95(5), pages 1573-1590, December.
- Thomas Davidoff & Jeffrey R. Brown & Peter A. Diamond, 2003. "Annuities and Individual Welfare," NBER Working Papers 9714, National Bureau of Economic Research, Inc.
- Menahem E. Yaari, 1965. "Uncertain Lifetime, Life Insurance, and the Theory of the Consumer," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 32(2), pages 137-150.
- Bernheim, B Douglas, 1991.
"How Strong Are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities,"
Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 899-927, October.
- B. Douglas Bernheim, 1989. "How Strong are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities," NBER Working Papers 2942, National Bureau of Economic Research, Inc.
- Gilboa, Itzhak & Schmeidler, David, 1989.
"Maxmin expected utility with non-unique prior,"
Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
- Gilboa, Itzhak & Schmeidler, David, 1986. "Maxmin Expected Utility with a Non-Unique Prior," Foerder Institute for Economic Research Working Papers 275405, Tel-Aviv University > Foerder Institute for Economic Research.
- Itzhak Gilboa & David Schmeidler, 1989. "Maxmin Expected Utility with Non-Unique Prior," Post-Print hal-00753237, HAL.
Citations
Blog mentions
As found by EconAcademics.org, the blog aggregator for Economics research:- Visite guidée au coeur des travaux du Meilleur jeune économiste 2012 (1/2)
by Matthieu Solignac in Regards croisés sur l'économie on 2012-05-29 00:26:09
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Han, Nan-Wei & Hung, Mao-Wei, 2021. "The annuity puzzle and consumption hump under ambiguous life expectancy," Insurance: Mathematics and Economics, Elsevier, vol. 100(C), pages 76-88.
- d’Albis, Hippolyte & Attanasi, Giuseppe & Thibault, Emmanuel, 2020.
"An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving,"
Journal of Economic Behavior & Organization, Elsevier, vol. 180(C), pages 694-717.
- Attanasi, Giuseppe Marco & D'Albis, Hippolyte & Thibault, Emmanuel, 2018. "An Experimental Test of the Under-Annuitization Puzzle with Smooth Ambiguity and Charitable Giving," TSE Working Papers 18-932, Toulouse School of Economics (TSE).
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2019. "An Experimental Test of the Under-Annuitization Puzzle with Smooth Ambiguity and Charitable Giving," Working Papers halshs-02132858, HAL.
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2020. "An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving," PSE-Ecole d'économie de Paris (Postprint) halshs-02398675, HAL.
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2019. "An Experimental Test of the Under-Annuitization Puzzle with Smooth Ambiguity and Charitable Giving," PSE Working Papers halshs-02132858, HAL.
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2020. "An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving," Post-Print halshs-02398675, HAL.
- Hippolyte d’Albis & Emmanuel Thibault, 2018.
"Ambiguous life expectancy and the demand for annuities,"
Theory and Decision, Springer, vol. 85(3), pages 303-319, October.
- D'Albis, Hippolyte & Thibault, Emmanuel, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," IDEI Working Papers 731, Institut d'Économie Industrielle (IDEI), Toulouse.
- Hippolyte d'Albis & Emmanuel Thibault, 2018. "Ambiguous life expectancy and the demand for annuities," PSE-Ecole d'économie de Paris (Postprint) halshs-02072559, HAL.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," Post-Print halshs-00721281, HAL.
- Hippolyte d'Albis & Emmanuel Thibault, 2018. "Ambiguous life expectancy and the demand for annuities," Post-Print halshs-02072559, HAL.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00721281, HAL.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," Documents de travail du Centre d'Economie de la Sorbonne 12050, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- D'Albis, Hippolyte & Thibault, Emmanuel, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," TSE Working Papers 12-323, Toulouse School of Economics (TSE).
- Hurwitz, Abigail & Sade, Orly & Winter, Eyal, 2020. "Unintended consequences of minimum annuity laws: An experimental study," Journal of Economic Behavior & Organization, Elsevier, vol. 169(C), pages 208-222.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hippolyte d’Albis & Emmanuel Thibault, 2018.
"Ambiguous life expectancy and the demand for annuities,"
Theory and Decision, Springer, vol. 85(3), pages 303-319, October.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00721281, HAL.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," Post-Print halshs-00721281, HAL.
- Hippolyte d'Albis & Emmanuel Thibault, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," Documents de travail du Centre d'Economie de la Sorbonne 12050, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- D'Albis, Hippolyte & Thibault, Emmanuel, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," TSE Working Papers 12-323, Toulouse School of Economics (TSE).
- Hippolyte d'Albis & Emmanuel Thibault, 2018. "Ambiguous life expectancy and the demand for annuities," PSE-Ecole d'économie de Paris (Postprint) halshs-02072559, HAL.
- D'Albis, Hippolyte & Thibault, Emmanuel, 2012. "Ambiguous Life Expectancy and the Demand for Annuities," IDEI Working Papers 731, Institut d'Économie Industrielle (IDEI), Toulouse.
- Hippolyte d'Albis & Emmanuel Thibault, 2018. "Ambiguous life expectancy and the demand for annuities," Post-Print halshs-02072559, HAL.
- repec:hal:pseose:hal-00670320 is not listed on IDEAS
- Hazel Bateman & Christine Eckert & Fedor Iskhakov & Jordan Louviere & Stephen Satchell & Susan Thorp, 2017. "Default and naive diversification heuristics in annuity choice," Australian Journal of Management, Australian School of Business, vol. 42(1), pages 32-57, February.
- Johannes Hagen, 2015.
"The determinants of annuitization: evidence from Sweden,"
International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(4), pages 549-578, August.
- Hagen, Johannes, 2014. "The determinants of annuitization: evidence from Sweden," Working Paper Series, Center for Fiscal Studies 2014:13, Uppsala University, Department of Economics.
- Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021.
"Household Finance,"
Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
- Haliassos, Michael & Gomes, Francisco, 2020. "Household Finance," CEPR Discussion Papers 14502, C.E.P.R. Discussion Papers.
- Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Erin Cottle Hunt & Frank N. Caliendo, 2022. "Social security and risk sharing: A survey of four decades of economic analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 36(5), pages 1591-1609, December.
- d’Albis, Hippolyte & Attanasi, Giuseppe & Thibault, Emmanuel, 2020.
"An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving,"
Journal of Economic Behavior & Organization, Elsevier, vol. 180(C), pages 694-717.
- Attanasi, Giuseppe Marco & D'Albis, Hippolyte & Thibault, Emmanuel, 2018. "An Experimental Test of the Under-Annuitization Puzzle with Smooth Ambiguity and Charitable Giving," TSE Working Papers 18-932, Toulouse School of Economics (TSE).
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2019. "An Experimental Test of the Under-Annuitization Puzzle with Smooth Ambiguity and Charitable Giving," Working Papers halshs-02132858, HAL.
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2020. "An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving," PSE-Ecole d'économie de Paris (Postprint) halshs-02398675, HAL.
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2019. "An Experimental Test of the Under-Annuitization Puzzle with Smooth Ambiguity and Charitable Giving," PSE Working Papers halshs-02132858, HAL.
- Hippolyte d'Albis & Giuseppe Attanasi & Emmanuel Thibault, 2020. "An experimental test of the under-annuitization puzzle with smooth ambiguity and charitable giving," Post-Print halshs-02398675, HAL.
- Johannes Hagen & Daniel Hallberg & Gabriella Sjögren, 2022.
"A Nudge to Quit? The Effect of a Change in Pension Information on Annuitisation, Labour Supply and Retirement Choices Among Older Workers,"
The Economic Journal, Royal Economic Society, vol. 132(643), pages 1060-1094.
- Hagen, Johannes & Hallberg, Daniel & Sjögren Lindquist, Gabriella, 2018. "A nudge to quit? The effect of a change in pension information on annuitization, labor supply and retirement choices among older workers," GLO Discussion Paper Series 209, Global Labor Organization (GLO).
- Hagen, Johannes & Hallberg, Daniel & Sjögren Lindquist, Gabriella, 2021. "A Nudge to Quit? The Effect of a Change in Pension Information on Annuitization, Labour Supply, and Retirement Choices Among Older Workers," GLO Discussion Paper Series 209 [pre.], Global Labor Organization (GLO).
- Carlos Vidal-Melia & Ana Lejárraga-García, 2004. "The Bequest Motive And Single People’S Demand For Life Annuities," Public Economics 0405005, University Library of Munich, Germany.
- Erin Cottle Hunt & Frank N. Caliendo, 2023. "Social security and risk sharing: the role of economic mobility across generations," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 30(5), pages 1374-1407, October.
- Zvi Bodie & Jérôme Detemple & Marcel Rindisbacher, 2009. "Life-Cycle Finance and the Design of Pension Plans," Annual Review of Financial Economics, Annual Reviews, vol. 1(1), pages 249-286, November.
- Lambregts, Timo R. & Schut, Frederik T., 2020. "Displaced, disliked and misunderstood: A systematic review of the reasons for low uptake of long-term care insurance and life annuities," The Journal of the Economics of Ageing, Elsevier, vol. 17(C).
- Hippolyte d'Albis & Johanna Etner, 2018.
"Illiquid life annuities,"
Journal of Public Economic Theory, Association for Public Economic Theory, vol. 20(2), pages 277-297, April.
- Hippolyte d'Albis & Johanna Etner, 2013. "Illiquid Life Annuities," Working Papers hal-04141183, HAL.
- Hippolyte d'Albis & Johanna Etner, 2018. "Illiquid Life Annuities," Post-Print hal-01386063, HAL.
- d'Albis, Hippolyte & Etner, Johanna, 2013. "Illiquid Life Annuities," MPRA Paper 50751, University Library of Munich, Germany.
- Hippolyte d’Albis & Johanna Etner, 2013. "Illiquid Life Annuities," EconomiX Working Papers 2013-30, University of Paris Nanterre, EconomiX.
- Hippolyte d'Albis & Johanna Etner, 2018. "Illiquid Life Annuities," PSE-Ecole d'économie de Paris (Postprint) hal-01386063, HAL.
- Fedor Iskhakov & Susan Thorp & Hazel Bateman, 2015. "Optimal Annuity Purchases for Australian Retirees," The Economic Record, The Economic Society of Australia, vol. 91(293), pages 139-154, June.
- Lopes, Paula & Michaelides, Alexander, 2007.
"Rare events and annuity market participation,"
Finance Research Letters, Elsevier, vol. 4(2), pages 82-91, June.
- Lopes, Paula & Michaelides, Alexander, 2005. "Rare events and annuity market participation," LSE Research Online Documents on Economics 24672, London School of Economics and Political Science, LSE Library.
- Joseph Briggs & Christopher Tonetti, 2019. "Risky Insurance: Insurance Portfolio Choice with Incomplete Markets," 2019 Meeting Papers 1388, Society for Economic Dynamics.
- Bütler, Monika & Peijnenburg, Kim & Staubli, Stefan, 2017.
"How much do means-tested benefits reduce the demand for annuities?,"
Journal of Pension Economics and Finance, Cambridge University Press, vol. 16(4), pages 419-449, October.
- Monika Butler & Kim Peijnenburg & Stefan Staubli, 2011. "How Much Do Means-Tested Benefits Reduce the Demand for Annuities?," Working Papers 418, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Monika Bütler & Kim Peijnenburg & Stefan Staubli, 2013. "How Much Do Means-Tested Benefits Reduce the Demand for Annuities?," NRN working papers 2013-11, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria.
- Monika Bütler & Kim Peijnenburg & Stefan Staubli, 2011. "How Much Do Means-Tested Benefits Reduce the Demand for Annuities?," CESifo Working Paper Series 3493, CESifo.
- Bütler, Monika & Peijnenburg, Kim & Staubli, Stefan, 2011. "How Much Do Means-Tested Benefits Reduce the Demand for Annuities?," Economics Working Paper Series 1124, University of St. Gallen, School of Economics and Political Science.
- Valdez, Emiliano A. & Piggott, John & Wang, Liang, 2006. "Demand and adverse selection in a pooled annuity fund," Insurance: Mathematics and Economics, Elsevier, vol. 39(2), pages 251-266, October.
- Han, Nan-Wei & Hung, Mao-Wei, 2021. "The annuity puzzle and consumption hump under ambiguous life expectancy," Insurance: Mathematics and Economics, Elsevier, vol. 100(C), pages 76-88.
- Beshears, John & Choi, James J. & Laibson, David & Madrian, Brigitte C. & Zeldes, Stephen P., 2014.
"What makes annuitization more appealing?,"
Journal of Public Economics, Elsevier, vol. 116(C), pages 2-16.
- John Beshears & James Choi & David Laibson & Brigitte C. Madrian & Stephen P. Zeldes, 2012. "What Makes Annuitization More Appealing?," NBER Chapters, in: Retirement Benefits for State and Local Employees: Designing Pension Plans for the Twenty-First Century, National Bureau of Economic Research, Inc.
- John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian & Stephen P. Zeldes, 2012. "What Makes Annuitization More Appealing?," NBER Working Papers 18575, National Bureau of Economic Research, Inc.
- Beshears, John Leonard & Choi, James J. & Laibson, David I. & Madrian, Brigitte & Zeldes, Stephen P., 2014. "What Makes Annuitization More Appealing?," Scholarly Articles 13382511, Harvard University Department of Economics.
- d’Albis, Hippolyte & Kalk, Andrei, 2021.
"Why do we postpone annuity purchases?,"
Journal of Mathematical Economics, Elsevier, vol. 95(C).
- Hippolyte d'Albis & Andrei Kalk, 2021. "Why do we postpone annuity purchases?," Post-Print halshs-03166724, HAL.
- Hippolyte d'Albis & Andrei Kalk, 2021. "Why do we postpone annuity purchases?," PSE-Ecole d'économie de Paris (Postprint) halshs-03166724, HAL.
More about this item
Keywords
Demand for annuities; Uncertain survival probabilities; Uncertainty aversion; Maxmin;All these keywords.
JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
NEP fields
This paper has been announced in the following NEP Reports:- NEP-IAS-2012-02-27 (Insurance Economics)
- NEP-UPT-2012-02-27 (Utility Models and Prospect Theory)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:cesptp:hal-00670320. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.