The Economic Theory of Annuities by Eytan Sheshinski 4 ppt
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 theseproducts reduces the overall variation of the costs of the bundle withindividual ... allocation. In the absence of lump-sum taxes, the governmentwishes to raise revenue by means of distortive commodity taxes, and the theory develops the conditions that have to hold for these taxesto...
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The Economic Theory of Annuities by Eytan Sheshinski_3 ppt
... description of the motivation for and the stipulations of these annuities from a textbookfor 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 they arecalled protected annuities. ... follow the standardassumption that the sign of the price of each good changes in the oppositedirection to the sign of profits from sales of this good. The following assumption about the relation...
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The Economic Theory of Annuities by Eytan Sheshinski_4 ppt
... 0.56 349 187 0. 242 486 0.3 947 15 0.399797 0.52227888 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 0.39058391 0.118099 0.23 544 4 0. 248 635 0. 346 25692 ... 0 .44 045 1 0.586205 0.593975 0.70687083 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 .47 9222 0.60267086 0.279836 0 .43 5065 0 .43 9561 0.56 349 187 ... 0.93 140 1 0.956873 0.9 641 03 0.97692268 0.906303 0. 940 4 84 0. 949 935 0.96788669 0.88 045 5 0.923 244 0.9 344 90 0.95811670 0.853800 0.905086 0.917697 0. 947 53071 0.826172 0.885875 0.89 949 0 0.9360 04 72...
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The Economic Theory of Annuities by Eytan Sheshinski_5 doc
... as before, by 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 ... (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 survivalfunction of the holder of the annuities, ... probabilities. The reason for this inefficiency is thatindividuals disregard the effect of their actions on the equilibrium rate of return on annuities. The impact of individuals disregarding theiractions...
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The Economic Theory of Annuities by Eytan Sheshinski_6 pdf
... the first period and c1is totalconsumption 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. tex28•Chapter 4 Finally, c∗wand c∗Rsatisfy the budget constraintc∗wR0F (z) dz + c∗RTRF (z) dz −R0F (z)w(z) dz = 0. (4A .4) Equations (4A.2)–(4A .4) ... implies, by (4. 7), thatT0exp−x0r(h) dh(w(x) − c(x)) dx = 0. (4. 8)We look for rates of return, r(z), that satisfy the resource constraint (4. 2). Comparing (4. 8) and (4. 2), we...
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The Economic Theory of Annuities by Eytan Sheshinski_8 potx
... accross states of nature). Sequential annuity marketequilibrium is characterized by the purchase of long-term annuities, shortsale of some of these annuities later on, or the purchase of additionalshort-term ... variety of refundable annuities. Type ri≥ 0 annuities are annuities that each guar-antee a refund of riwhen presented by the holder in period 1. Thereare k types of such refundable annuities, ... willing to commit to the purchase of annuities from increases in earnings compared to the purchase by rationalindividuals. By deliberately delaying implementation of the purchase of annuities, this...
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THE ECONOMIC THEORY OF ILLEGAL GOODS: THE CASE OF DRUGS doc
... MA 02138December 20 04 The views expressed herein are those of the author(s) and do not necessarily reflect the views of the NationalBureau of Economic Research. © 20 04 by Gary S. Becker, Kevin ... Henry and Chaloupka, Frank J. The Demand for Illicit Drugs,” Economic Inquiry, 37, No. 3, July 1999, pp. 40 1 -41 1. The Economic Theory of Illegal Goods: the Case of DrugsGary S. Becker, Kevin ... consumption of a good by members of a peer group lowers the utility of other members, that could stimulate greater consumption of this good by all other members through raising the good’s marginal...
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The Economic Theory of Annuities_1 pptx
... America109876 543 21ivAugust 22, 2007 Time: 09 :47 am prelims.tex The Economic Theory of Annuities Eytan Sheshinski princeton university pressprinceton and oxfordiiiAugust 22, 2007 Time: 09 :47 am prelims.texTo ... Time: 09 :47 am prelims.texxviAugust 22, 2007 Time: 09 :47 am prelims.texviiiAugust 22, 2007 Time: 09 :47 am prelims.tex The Economic Theory of Annuities xviiAugust 22, 2007 Time: 09 :47 am prelims.texviAugust ... over every year and there is no getting rid of it.—Jane Austen, Sense and Sensibility, chapter 2 (1811).viiAugust 22, 2007 Time: 09 :47 am prelims.tex The Economic Theory of Annuities iAugust...
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The Economic Theory of Annuities_2 pptx
... 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 theseproducts reduces the overall variation of the costs of the bundle withindividual ... 5percent compared to the cost of these products when purchased sepa-rately. They also found that bundling increases significantly the number of people who purchase the insurance, thereby reducing adverseselection....
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The Economic Theory of Annuities_3 pdf
... andefficiency (1/εh) 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, (y1, ,yH), and ... determined by the second fundamentalequation of stable population theory: ∞0e−gzF (z,α)b(z) dz = 1, (12 .4) where b(z) is the age-specific birthrate (fertility) function. The magnitude of g depends ... directly by government-run social security systems andtaxes/subsidies can, if so desired, be applied to the prices of annuities offered by private pension funds. These prices can be used by govern-ments...
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