The Economic Theory of Annuities 7 pot
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 by Eytan Sheshinski_1 pdf
... tends to mitigate the effects of adverse selection because, when bundled, the negative correlation between the costs of these products reduces the overall variation of the costs of the bundle with individual ... chapter15.tex 132 • Chapter 15 bundles of annuities and long-term care insurance (at ages 65 and 75 ) and found that the cost of the hypothetical bundle...
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. 877 234 76 0. 670 393 0 .77 1044 0 .78 573 3 0.858 575 77 0.635149 0 .74 373 5 0 .75 8039 0.838109 78 0.598456 0 .71 5046 0 .72 8 578 0.81 579 9 79 0.560408 0.6850 27 0.6 973 60 0 .79 1601 80 0.521200 0.653585 0.664443 0 .76 5431 81 ... 0.826 172 0.885 875 0.899490 0.936004 72 0 .79 7493 0.865541 0. 879 829 0.923386 73 0 .76 7666 0.843998 0.858 678 0.909496 74 0 .73 6589 0.8211 57...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_5 doc
... (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 of annuities ... (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 surviv...
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 ... age, its rate of decline being equal to the product of the inverse of the coefficient of relative risk aversion and the hazard rate. Optimum retirement age, ˆ R, i...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities_5 pot
... 0 .79 6868 0.811695 0. 877 234 76 0. 670 393 0 .77 1044 0 .78 573 3 0.858 575 77 0.635149 0 .74 373 5 0 .75 8039 0.838109 78 0.598456 0 .71 5046 0 .72 8 578 0.81 579 9 79 0.560408 0.6850 27 0.6 973 60 0 .79 1601 80 0.521200 ... 0.9 176 97 0.9 475 30 71 0.826 172 0.885 875 0.899490 0.936004 72 0 .79 7493 0.865541 0. 879 829 0.923386 73 0 .76 7666 0.843998 0.858 678 0.909496 74 0 .73...
Ngày tải lên: 20/06/2014, 20:20
The Economic Theory of Annuities_6 potx
... (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 of annuities ... (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 surviv...
Ngày tải lên: 20/06/2014, 20:20
The Economic Theory of Annuities_7 pot
... 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 ... obtained by the issuers of annuities on the survival probabilities of customers. In chapter 7 we shall discuss the impact of such information on the annuity mar...
Ngày tải lên: 20/06/2014, 20:20
Review of The Economic Theory of Annuities_1 potx
... 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 from ... about the longevities of individuals. Consequently, annuities are offered at the same price to all potential buyers, leading to a pooling equilibrium. In contra...
Ngày tải lên: 21/06/2014, 00:20