Why don't people insure late-life consumption? A framing explanation of the under-annuitization puzzle

American Economic Review

Volumn 98, Issue 2, 2008, Pages 304-309

  Brown, Jeffrey R ^a,b   Kling, Jeffrey R ^a,c   Mullainathan, Sendhil ^a,d   Wrobel, Marian V ^a,e  

^a UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

^b NBER ^*

^c BROOKINGS INSTITUTION   (United States)

^d HARVARD UNIVERSITY   (United States)

^e HARVARD UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 44949168520     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.98.2.304     Document Type: Conference Paper

References (8)

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2. Brown, Jeffrey R. 2007. "Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning." National Bureau of Economic Research Working Paper 13537.
3. Brown, Jeffrey R., Jeffrey R. Kling, Sendhil Mullainathan, and Marian V. Wrobel. 2007. "Why Don't People Insure Late Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle." National Bureau of Economic Research Working Paper 13748.
4. Hu, Wei-Yin, and Jason S. Scott. 2007. "Behavioral Obstacles to the Annuity Market." Financial Analysts Journal, 63(6): 71-82.
5. Louviere, Jordan J., David A. Hensher, and Joffre D. Swait. 2002. Stated Choice Methods. Cambridge, UK: Cambridge University Press.
6. Read, Daniel, George Loewenstein, and Matthew Rabin. 1999. "Choice Bracketing." Journal of Risk and Uncertainty, 19(1-3): 171-97.
7. Thaler, Richard. 1985. "Mental Accounting and Consumer Choice." Marketing Science, 4(3): 199-214.
8. Tversky, Amos, and Daniel Kahneman. 1981. "The Framing of Decisions and the Psychology of Choice." Science, 211(4481): 453-458.