Annuity Markets and Pension ReformCambridge University Press, 24 de jul. 2006 This 2006 book treats two vital public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions. It also addresses the questions of whether annuitization or other restrictions on distributions should be mandatory, and if so, can the provision of annuities be privatized? Its analytical framework is applicable to a broad range of countries. Given the diminishing importance of public pensions around the world, the growing number of the elderly, and the increasing importance of defined contribution plans, the voluntary demand for private annuities is going to grow. It is vital that annuities be reasonably priced and that the annuity market be effectively regulated. The book investigates both issues, and proposes reforms to enhance the efficiency of the annuity market. |
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Pàgina 194
... annuities . A TWO - PERIOD MODEL We assume that potential annuity purchasers may live for as long as two periods . We may think of the first period as working life , and the second as retirement . Everyone lives for at least one period ...
... annuities . A TWO - PERIOD MODEL We assume that potential annuity purchasers may live for as long as two periods . We may think of the first period as working life , and the second as retirement . Everyone lives for at least one period ...
Pàgina 195
... one - period version of the function . The role of the coefficient y is explained below . U C1- - 1 1 - Y simple life annuity ... ( retirement ) . If this were so , they would have no reason to save . However , people normally prefer eating two ...
... one - period version of the function . The role of the coefficient y is explained below . U C1- - 1 1 - Y simple life annuity ... ( retirement ) . If this were so , they would have no reason to save . However , people normally prefer eating two ...
Pàgina 196
George A. (Sandy) Mackenzie. simple life annuity , in the amount A or a bond in the amount B. With these assumptions , annuities are effectively one - period bonds that pay the annuitant a gross return of 1 + r , if he survives to the ...
George A. (Sandy) Mackenzie. simple life annuity , in the amount A or a bond in the amount B. With these assumptions , annuities are effectively one - period bonds that pay the annuitant a gross return of 1 + r , if he survives to the ...
Pàgina 197
George A. (Sandy) Mackenzie. sum of the value of annuities and bonds purchased in period one equals total savings in period one. In addition, the value of annuities and bonds purchased cannot be negative (Eq. (A.1.7)). Equation (A.1.5) ...
George A. (Sandy) Mackenzie. sum of the value of annuities and bonds purchased in period one equals total savings in period one. In addition, the value of annuities and bonds purchased cannot be negative (Eq. (A.1.7)). Equation (A.1.5) ...
Pàgina 198
... a bequest , and are concerned only about their own consumption . We now assume that potential annuitants may wish to leave a bequest ( or a gift if they survive ) in period two.1 This bequest motive is introduced by including the ...
... a bequest , and are concerned only about their own consumption . We now assume that potential annuitants may wish to leave a bequest ( or a gift if they survive ) in period two.1 This bequest motive is introduced by including the ...
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1+rA actuarially fair Adverse selection aging problem annuity payment annuity purchased arbitrage Arcadia Arcadian assume average bequest motive birth rate buy an annuity C₁ C₂ capital conditional rate conditional return constraints cost dependency ratio devoted e²var(re economy entails equal zero Equation expected return expected value five-year bond given by Eq gross return higher homeowner impact income increase individual accounts reform insurance company interest rate investing in bonds labor force leave a bequest maturity maximized maximum lifespan one-period annuity one-period bond percent portfolio PPDA premium per dollar probability of survival public pension system random variable rate of interest rate of return receipts reduce regular payment retired person risky asset saving rate second period second-period consumption shift strategy stream of payments survival probabilities survive to age survive to period term life insurance two-period model utility function value of annuities W-C₁ wealth yield curve zero-coupon bonds δυ