Adverse selection in the annuity market when payoffs vary over the time of retirement

Journal of Institutional and Theoretical Economics

Volumn 161, Issue 1, 2005, Pages 155-183

  Brunner, Johann K ^a   Pech, Susanne ^a  

^a JOHANNES KEPLER UNIVERSITY LINZ   (Austria)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 17044419701     PISSN: 09324569     EISSN: None     Source Type: Journal    
DOI: 10.1628/0932456054254498     Document Type: Article

References (22)

1. ABEL, A. B. [1986], "Capital Accumulation and Uncertain Lifetimes with Adverse Selection," Econometrica, 54, 1079-1097.
2. BROWN, J. R. [2001], "Private Pensions, Mortality Risk, and the Decision to Annuitize," Journal of Public Economics, 82, 29-62.
3. BROWN, J. R., O. S. MITCHELL, AND J. M. POTERBA [2001], "The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program," pp. 321-360 in: J. Y. Campbell and M. Feldstein (eds.), Risk Aspects of Investment-Based Social Security Reform, University of Chicago Press: Chicago.
4. BRUNNER, J. K., AND S. PECH [2000], "Adverse Selection in the Annuity Market When Pay-offs Vary over the Time of Retirement," Working Paper 0030, Department of Economics, University of Linz, Austria.
5. _ AND _ [2002], "Adverse Selection in the Annuity Market with Sequential and Simultaneously Insurance Demand," Working Paper 0204, Department of Economics, University of Linz, Austria.
6. ECKSTEIN, Z., M. EICHENBAUM, AND D. PELED [1985], "Uncertain Lifetimes and the Welfare Enhancing Properties of Annuity Markets and Social Security," Journal of Public Economics, 26, 303-326.
7. FELDSTEIN, M. [1990], "Imperfect Annuity Markets, Unintended Bequests, and the Optimal Age Structure of Social Security Benefits," Journal of Public Economics, 41, 31-43.
8. FINKELSTEIN, A., AND J. M. POTERBA [2002], "Selection Effects in the United Kingdom Individual Annuities Market," Economic Journal, 112, 28-50.
9. _ AND _ [2004], "Adverse Selection in Insurance Markets: Policyholder Evidence from the U.K. Annuity Market," Journal of Political Economy, 112, 183-208.
10. FRIEDMAN, B. M., AND M. J. WARSHAWSKY [1988], "Annuity Prices and Saving Behaviour in the United States," pp. 53-77 in: Z. Bodie, J. Shoven, and D. Wise (eds.), Pensions in the U.S. Economy, University of Chicago Press: Chicago.
11. _ AND _ [1990], "The Cost of Annuities: Implications for Saving Behaviour and Bequests," Quarterly Journal of Economics, 105, 135-154.
12. HELLWIG, M. [1987], "Some Recent Developments in the Theory of Competition in Markets with Adverse Selection," European Economic Review, 31, 319-325.
13. MAS-COLELL, A., M. D. WHINSTON, AND J.R. GREEN [1995], Microeconomic Theory, Oxford University Press: Oxford.
14. MITCHELL, O. S., J. M. POTERBA, M. J. WARSHAWSKY, AND J. R. BROWN [1999], "New Evidence on the Money's Worth of Individual Annuities," American Economic Review, 89, 1299-1318.
15. MOORE, J. F., AND O. S. MITCHELL [2000], "Projected Retirement Wealth and Savings Adequacy," pp. 68-94 in: O. S. Mitchell, B. Hammond, and A. Rappaport (eds.), Forecasting Retirement Needs and Retirement Wealth, Pension Research Council, University of Pennsylvania Press: Philadelphia.
16. PAULY, M. V. [1974], "Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection," Quarterly Journal of Economics, 88, 44-62.
17. RILEY, J. G. [1979], "Informational Equilibrium," Econometrica, 47, 331-359.
18. ROTHSCHILD, M., AND J. STIGLITZ [1976], "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," Quarterly Journal of Economics, 90, 629-649.
19. TOWNLEY, P. G. C., AND R. W. BOADWAY [1988], "Social Security and the Failure of Annuity Markets," Journal of Public Economics, 35, 75-96.
20. WALLISER, J. [2000], "Adverse Selection in the Annuities Market and the Impact of Privatizing Social Security," Scandinavian Journal of Economics, 102, 373-393.
21. WILSON, C. [1977], "A Model of Insurance Markets with Incomplete Information," Journal of Economic Theory, 16, 167-207.
22. YAARI, M. E. [1965], "Uncertain Lifetime, Life Insurance, and the Theory of the Consumer," Review of Economic Studies, 32, 137-150.