The Economic Theory of Annuities by Eytan Sheshinski 8 potx
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 ... 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 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 ... denote the amount of regular annuities by a and the amount
of X -annuities by a
x
. The additional payment that an X-annuity offers if
death occurs before a...
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...
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, ... (6.10)
Denote the solution to the maximization of (6 .8) subject to (6.9) by
(
ˆ
c(z),
ˆ
R). Of course, this solution depends on the level of a(M), which
is...
The Economic Theory of Annuities by Eytan Sheshinski_6 pdf
... analysis of these unintended bequests (and
endowments) see chapter 12.
5 .8 No Annuities: Risk Pooling by Couples
It has been observed by Kotlikoff and Spivak (1 981 ) that, in the absence
of an annuity ... 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 utili...
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 ... 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...
THE ECONOMIC THEORY OF ILLEGAL GOODS: THE CASE OF DRUGS doc
... 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 ... This would be a further reason why the social value
of the consumption of drugs was below the private values of individuals. Of
course, if greater consumption by...
The Economic Theory of Annuities_1 pptx
... 56
8. 1 First Best 56
8. 2 Competitive Separating Equilibrium (Risk-class
Pricing) 59
8. 3 Equilibrium with Short-term Annuities 60
8. 4 The Efficiency of Equilibrium with Long-term
Annuities 62
8. 5 ... over every year and there is no getting rid of it.
—Jane Austen, Sense and Sensibility, chapter 2 ( 181 1).
vii
August 22, 2007 Time: 09:47am prelims.tex
The Economic Theor...
The Economic Theory of Annuities_2 pptx
... 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 w...
The Economic Theory of Annuities_3 pdf
... and
efficiency (1/ε
h
) 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, (y
1
, ,y
H
), and ... distribution of bequests that become initial endowments of a
subsequent generation. Thus, analysis of the long-term effects of changes
in longevity has to focus on...
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