Sample chapter for the economic theory of annuities 7 doc
Sample chapter for the economic theory of annuities_1 pdf
... uniform formulas may, however, be inadequate for some individuals and excessive for others. See Sheshinski (2003, pp. 27 54). August 18, 20 07 Time: 10:43am chapter1 2.tex 104 • Chapter 12 For ... by individuals, that is, to a certain direction of the behavioral effect. For example, the common use of life expectancy as the explanatory variable for the level of savi...
Ngày tải lên: 21/06/2014, 09:20
Sample chapter for the economic theory of annuities_2 pdf
... 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 ... annuities. These annuities are available in the United Kingdom, where they are called protected annuities. It is interesting to quote a description of the motivat...
Ngày tải lên: 21/06/2014, 09:20
Sample chapter for the economic theory of annuities_3 pdf
... 0. 877 234 76 0. 670 393 0 .77 1044 0 .78 573 3 0.858 575 77 0.635149 0 .74 373 5 0 .75 8039 0.838109 78 0.598456 0 .71 5046 0 .72 8 578 0.81 579 9 79 0.560408 0.6850 27 0.6 973 60 0 .79 1601 80 0.521200 0.653585 0.664443 0 .76 5431 81 ... 0.826 172 0.885 875 0.899490 0.936004 72 0 .79 7493 0.865541 0. 879 829 0.923386 73 0 .76 7666 0.843998 0.858 678 0.909496 74 0 .73 6589 0.8211 57...
Ngày tải lên: 21/06/2014, 09:20
Sample chapter for the economic theory of annuities_4 potx
... expectancy of the owners. The other risk class experiences a loss for the opposite reason. Another important implication of the fact that in equilibrium con- sumption is independent of the state of nature ... probabilities. The reason for this inefficiency is that individuals disregard the effect of their actions on the equilibrium rate of return on annuities....
Ngày tải lên: 21/06/2014, 09:20
Sample chapter for the economic theory of annuities_6 docx
... 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 due to asymmetric information ... principles for a tax/subsidy policy that improves social welfare? Chapter 13 applies the theory of optimum commodity taxation in examining the utilitarian social w...
Ngày tải lên: 21/06/2014, 09:20
Sample chapter for the economic theory of annuities_7 doc
... longevity risk. Further, to respond to the desire of individuals for flexibility, the model should allow for short sales of annuities purchased early or the purchase of additional short-term annuities ... al. (19 97) , published by the Society of Actuaries. Duncan (1952) and Biggs (1969) provide formulas for variable annuities, that is, for annuities with stocha...
Ngày tải lên: 21/06/2014, 09:20
Sample chapter for the economic theory of annuities_8 potx
... and economics. Journal of Economic Literature 36: 11–46. Ramsey, F. P. 19 27. A contribution to the theory of taxation. Economic Journal 37( 145): 47 61. Rothschild, M., and J. Stiglitz. 1 976 . ... on the economics of incomplete information. Quarterly Journal of Economics 90: 624–649. Salanie, B. 2000. Microeconomics of Market Failure. Cambridge, MA: MIT Press. Salanie,...
Ngày tải lên: 21/06/2014, 09:20
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 ... relevant for the annuities market. The reason for this outcome is that bundling may reduce the extent of adverse selection and, consequently, tends t...
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 ... 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....
Ngày tải lên: 21/06/2014, 07:20
The Economic Theory of Annuities by Eytan Sheshinski_4 ppt
... 0. 877 234 76 0. 670 393 0 .77 1044 0 .78 573 3 0.858 575 77 0.635149 0 .74 373 5 0 .75 8039 0.838109 78 0.598456 0 .71 5046 0 .72 8 578 0.81 579 9 79 0.560408 0.6850 27 0.6 973 60 0 .79 1601 80 0.521200 0.653585 0.664443 0 .76 5431 81 ... 0.826 172 0.885 875 0.899490 0.936004 72 0 .79 7493 0.865541 0. 879 829 0.923386 73 0 .76 7666 0.843998 0.858 678 0.909496 74 0 .73 6589 0.8211 57...
Ngày tải lên: 21/06/2014, 07:20