Review of The Economic Theory of Annuities 1 potx
Review of The Economic Theory of Annuities_1 potx
... chapter14.tex 12 4 • Chapter 14 Rewrite (14 .19 ) in the more familiar form: ˆ tS =− 1 1 + λ 1( λ ˆ X + ˆ K ˆ Q) ˆ Q 1 , and substituting from (14 .15 ), ˆ tS = λ 1 + λ 1 ˆ X − 1 ˆ K. (14 .20) Equation ... 1. The indirect utility, ˆ u,is therefore ˆ u(p 1 , p 2 ; α) = ln α p 1 α 1 − α p 2 1 α + R − 1. (15 .3) August 18 , 2007 Time: 11 :22am chap...
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Review of The Economic Theory of Annuities_4 ppt
... 0.005 216 0.009766 10 7 0.000 311 0.0 013 94 0.00 318 9 0.006259 10 8 0.00 017 5 0.000 813 0.0 018 30 0.003784 10 9 0.000094 0.000455 0.000974 0.00 213 1 11 0 0.000049 0.000244 0.000473 0.0 011 00 11 1 0.000025 0.00 012 5 ... 0.074 510 0 .16 5364 0 .18 3735 0.260889 94 0.057496 0 .13 46 41 0 .15 5093 0.222355 95 0.043497 0 .10 7438 0 .12 9260 0 .18 7020 96 0.032263 0.084 018 0 .10 6332...
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Review of The Economic Theory of Annuities_6 potx
... 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 one survivor. The budget constraint ... Annuitization Suppose that the individual can purchase or sell at any age an asset called annuities. The quantity of annuities at age z is denoted a(z). A unit...
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Review of The Economic Theory of Annuities_7 doc
... .11 .32 .14 .34 W 5.37 10 .14 6. 91 11. 31 The values chosen for ρ take into account that social security (SS) benefits provide (in the United States) a replacement ratio of 25–30 percent for the average ... 20 01, chap. 2). The growth of individual annuities has exceeded that of group annuities, reflecting the decline in defined benefits pension plans and the rapid expans...
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Review of The Economic Theory of Annuities_8 pptx
... y 1 < ˜ y 1 1 (p) (see figure 16 .1) . August 18 , 2007 Time: 11 :25am chapter16.tex Chapter 16 • 15 1 Denote by ϕ expected profits in the period -1 market for annuities, ϕ(q 1 1 ) = p p a (q 1 1 − ... q 2 1 b 1 )q 1 1 + pu (a 0 − b 1 ) > 0 for all y 1 > ˜ y 1 1 (p) and b 1 ≥ 0, it follows that ˆ a 1 (p, y 1 ) > 0 for all ¯ y 1 ≥ y 1 >...
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Review of The Economic Theory of Annuities_9 pot
... Press. Mirrlees, J. A. 19 71. An exploration in the theory of optimum income taxation. Review of Economic Studies 38(2): 17 5–208. August 18 , 2007 Time: 11 :35am index.tex Index • 16 1 population theory: aggregate ... timing of purchases and, 13 5 Utkus, Stephen, 14 8 August 18 , 2007 Time: 11 :35am index.tex 15 8 • Index Brugiavini, A., 82n26, 13 6, 14 2n 51 bund...
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The Economic Theory of Annuities by Eytan Sheshinski_1 pdf
... the following. August 18 , 2007 Time: 11 :22am chapter14.tex 12 4 • Chapter 14 Rewrite (14 .19 ) in the more familiar form: ˆ tS =− 1 1 + λ 1( λ ˆ X + ˆ K ˆ Q) ˆ Q 1 , and substituting from (14 .15 ), ˆ tS ... = R − 1. The indirect utility, ˆ u,is therefore ˆ u(p 1 , p 2 ; α) = ln α p 1 α 1 − α p 2 1 α + R − 1. (15 .3) August 18 , 2007 Time: 11 :22...
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The Economic Theory of Annuities by Eytan Sheshinski_3 ppt
... associated with (11 .18 ). Equations (11 .18 )– (11 . 21) jointly determine positive amounts ˆ a( p a , p x a ; α), ˆ a x (p a , p x a ; α), and ˆ b(p a , p x a ; α). Note first that from (11 .19 )– (11 . 21) , it follows ... dG(α) (11 .28) August 18 , 2007 Time: 10 :40am chapter 11. tex 86 • Chapter 11 To see this, observe that the solution ˆ p a and ˆ p b = 1 satisfying (11 .6) and...
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The Economic Theory of Annuities by Eytan Sheshinski_4 ppt
... 0.0009 01 0.003699 0.008094 0. 014 519 10 6 0.000538 0.002309 0.005 216 0.009766 10 7 0.000 311 0.0 013 94 0.00 318 9 0.006259 10 8 0.00 017 5 0.000 813 0.0 018 30 0.003784 10 9 0.000094 0.000455 0.000974 0.00 213 1 11 0 ... 0.000473 0.0 011 00 11 1 0.000025 0.00 012 5 0.000206 0.000 510 11 2 0.000 012 0.0000 61 0.000078 0.000206 11 3 0.000005 0.000028 0.000024 0.000068 11 4 0.0000...
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The Economic Theory of Annuities by Eytan Sheshinski_5 doc
... because the annuities held by individuals in this class are worth more because of the 5 The change in r(z)is ˙ r(z) = δr 1 δr 1 + (1 − δ)r 2 f 1 (z) f 1 (z) + (1 − δ)r 2 δr 1 + (1 − δ)r 2 f 2 (z) f 2 (z) . The ... interest on assets, the competitive rate of return on annuities is equal to the rate of interest plus the hazard rate. The reason...
Ngày tải lên: 21/06/2014, 07:20