Review of The Economic Theory of Annuities 8 pptx
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 ... competitive equilibrium, the price of an annuity for type α individuals is z(α), and the prices of life insurance and of the numeraire are 1. All individual...
Ngày tải lên: 21/06/2014, 00:20
Review of The Economic Theory of Annuities_4 ppt
... 0.9 581 16 70 0 .85 380 0 0.905 086 0.917697 0.947530 71 0 .82 6172 0 .88 587 5 0 .89 9490 0.936004 72 0.797493 0 .86 5541 0 .87 982 9 0.923 386 73 0.767666 0 .84 39 98 0 .85 86 78 0.909496 74 0.736 589 0 .82 1157 0 .83 5 989 0 .89 4166 75 ... 0.704 187 0.79 686 8 0 .81 1695 0 .87 7234 76 0.670393 0.771044 0. 785 733 0 .85 8575 77 0.635149 0.743735 0.7 580 39 0 .83 8109 78 0.5 984 56 0.7...
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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 ... 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 ag...
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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...
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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...
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Review of The Economic Theory of Annuities_9 pot
... 1971. An exploration in the theory of optimum income taxation. Review of Economic Studies 38( 2): 175–2 08. August 18, 2007 Time: 11:35am index.tex Index • 161 population theory: aggregate savings ... equilibrium); predetermined flow of returns and, 63, 147– 48; profile mismatch and, 2–3; protected, 81 ; refundable, 8, 136, 144–49; regular, 81 , 84 , 87 89 ; revaluation of...
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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 ... 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 num...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_3 ppt
... 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 ... with the price of regular annuities. (a) The Inferiority of Period-certain Annuities Under Full Information Suppose that there are regular annuities and X-year...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_4 ppt
... 0.9 581 16 70 0 .85 380 0 0.905 086 0.917697 0.947530 71 0 .82 6172 0 .88 587 5 0 .89 9490 0.936004 72 0.797493 0 .86 5541 0 .87 982 9 0.923 386 73 0.767666 0 .84 39 98 0 .85 86 78 0.909496 74 0.736 589 0 .82 1157 0 .83 5 989 0 .89 4166 75 ... 0.704 187 0.79 686 8 0 .81 1695 0 .87 7234 76 0.670393 0.771044 0. 785 733 0 .85 8575 77 0.635149 0.743735 0.7 580 39 0 .83 8109 78 0.5 984 56 0.7...
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_5 doc
... from (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 function of the holder of the annuities, ... (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 rat...
Ngày tải lên: 21/06/2014, 07:20