Review of The Economic Theory of Annuities 4 ppt
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 ... allocation. In the absence of lump-sum taxes, the government wishes to raise revenue by means of distortive commodity taxes, and the theory develops the con...
Ngày tải lên: 21/06/2014, 00:20
Review of The Economic Theory of Annuities_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, 00:20
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 ... (4. 8) We look for rates of return, r(z), that satisfy the resource constraint (4. 2). Comparing (4. 8) and (4. 2), we see that when r(z) =− d ln F (z) dz = f (z) F...
Ngày tải lên: 21/06/2014, 00:20
Review of The Economic Theory of Annuities_7 doc
... in insurance markets: The cause of the inefficiency is that individuals disregard the effect of their actions on the equilibrium rate of return on annuities. Essentially, these distortions are ... years has focused on the design of SS reforms aimed at closing these deficits. The issues involved are not only the economics of annuities but also much broader issues such...
Ngày tải lên: 21/06/2014, 00:20
Review of The Economic Theory of Annuities_8 pptx
... 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 ... variety of refundable annuities. Type r i ≥ 0 annuities are annuities that each guar- antee a refund of r i when presented by the holder in period 1. Th...
Ngày tải lên: 21/06/2014, 00:20
Review of The Economic Theory of Annuities_9 pot
... M. D., 6, 27, 45 hyperbolic discounters, 148 49 income: separating equilibrium and, 140 44 ; sequential market equilibrium and, 141 44 ; uncertainty and, 77–80, 140 44 information, 3 4, 26; asymmetric, ... Hall. Rabin, M. 1998. Psychology and economics. Journal of Economic Literature 36: 11 46 . Ramsey, F. P. 1927. A contribution to the theory of taxation. Economic Journal 3...
Ngày tải lên: 21/06/2014, 00:20
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_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