The Economic Theory of Annuities 4 pdf
The Economic Theory of Annuities by Eytan Sheshinski_1 pdf
... y, ( 14. 24) where a is the amount of annuities, z is expected lifetime, b is the amount of life insurance (=bequests), and y is the amount of the numeraire. Utility of consumption, u, and the utility ... tends to mitigate the effects of adverse selection because, when bundled, the negative correlation between the costs of these products reduces the overall var...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_6 pdf
... the first period and c 1 is total consumption in the second period. The second term is the sum of the expected utilities of two surviving individuals, while the third is the expected utility of ... 05 :46 pm chapter 04. tex 28 • Chapter 4 Finally, c ∗ w and c ∗ R satisfy the budget constraint c ∗ w R 0 F (z) dz + c ∗ R T R F (z) dz − R 0 F (z)w(z) dz = 0. (4A .4)...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_3 ppt
... description of the motivation for and the stipulations of these annuities from a textbook for actuaries: These are usually effected to avoid the disappointment that is often felt in the event of the ... to make the price of period- certain annuities commensurate with the price of regular annuities. These annuities are available in the United Kingdom, where th...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_4 ppt
... 0.56 349 1 87 0. 242 486 0.3 947 15 0.399797 0.522278 88 0.207251 0.3 540 20 0.3603 64 0 .47 9 344 89 0.1 745 63 0.313509 0.321725 0 .43 52 14 90 0. 144 767 0.273776 0.2 843 38 0.390583 91 0.118099 0.23 544 4 0. 248 635 0. 346 256 92 ... 0 .44 045 1 0.586205 0.593975 0.706870 83 0.399581 0.5503 54 0.556727 0.6 743 71 84 0.3588 84 0.5131 34 0.518386 0.639 648 85 0.318805 0 .47 4 641 0...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_5 doc
... condition (4. 4). When there is a positive rate of interest on assets, the competitive rate of return on annuities is equal to the rate of interest plus the hazard rate. The reason is obvious: The issuers ... (8.21), the interpretation of this result is that the flow of returns from annuities held at age M can be matched, using the relevant risk-class survival fun...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_8 potx
... accross states of nature). Sequential annuity market equilibrium is characterized by the purchase of long-term annuities, short sale of some of these annuities later on, or the purchase of additional short-term ... longevity risk. Further, to respond to the desire of individuals for flexibility, the model should allow for short sales of annuities purchased early or...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities_3 pdf
... and efficiency (1/ε h ) considerations. The implication of (13. 14) for the optimum pricing of annuities depends on the welfare function, W, and on the joint distribution of incomes, (y 1 , ,y H ), and ... distribution of bequests that become initial endowments of a subsequent generation. Thus, analysis of the long-term effects of changes in longevity has to focus on...
Ngày tải lên: 20/06/2014, 20:20
The Economic Theory of Annuities_4 pdf
... description of the motivation for and the stipulations of these annuities from a textbook for actuaries: These are usually effected to avoid the disappointment that is often felt in the event of the ... to make the price of period- certain annuities commensurate with the price of regular annuities. These annuities are available in the United Kingdom, where th...
Ngày tải lên: 20/06/2014, 20:20
Sample chapter for the economic theory of annuities_1 pdf
... and efficiency (1/ε h ) considerations. The implication of (13. 14) for the optimum pricing of annuities depends on the welfare function, W, and on the joint distribution of incomes, (y 1 , ,y H ), and ... (z,α) dz is the birthrate. The growth rate g, in turn, is determined by the second fundamental equation of stable population theory: ∞ 0 e −gz F (z,α)b(z) dz = 1,...
Ngày tải lên: 21/06/2014, 09:20
Sample chapter for the economic theory of annuities_2 pdf
... follow the standard assumption that the sign of the price of each good changes in the opposite direction to the sign of profits from sales of this good. The following assumption about the relation ... 70 MFMFMF 0-year 5 14 492 655 605 747 677 10-year 509 49 0 630 592 6 94 649 20-year 49 8 48 4 569 555 591 583 Notes: M, male; F, female. Income starts one month after...
Ngày tải lên: 21/06/2014, 09:20