Annuity Markets and Pension Reform
Cambridge University Press, 24.07.2006
This 2006 book treats two vital public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions. It also addresses the questions of whether annuitization or other restrictions on distributions should be mandatory, and if so, can the provision of annuities be privatized? Its analytical framework is applicable to a broad range of countries. Given the diminishing importance of public pensions around the world, the growing number of the elderly, and the increasing importance of defined contribution plans, the voluntary demand for private annuities is going to grow. It is vital that annuities be reasonably priced and that the annuity market be effectively regulated. The book investigates both issues, and proposes reforms to enhance the efficiency of the annuity market.
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¼ ð1 þ actuarially fair Adverse selection aging problem annuitant’s annuity payment annuity purchased arbitrage Arcadia assumptions average AÞð1 þ bequest motive buying an annuity C2 ¼ capital coefﬁcient conditional rate conditional return constraints cost dependency ratio derivative discount factor entails equal zero Equation expected return expected value ﬁnance ﬁrst period ﬁve-year bond given by Eq greater higher homeowner income increase individual accounts reform inﬂuences insurance company interest rate labor force leave a bequest maturity maximized one-period annuity one-period bond percent person PPDA premium per dollar probability of survival public pension system PVOHO random variable rate of interest rate of return ratio receipts retirement period risk aversion risky asset second period second-period consumption strategy sufﬁciently survival probabilities survive to age survive to period term term life insurance two-period model utility function wealth XM i¼1 yield curve zero-coupon bonds þ rA þ rB þ rBÞ þ rÞ ÞÀ