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Showing 1 to 2 of 2 for “"Annuity Puzzle"”.
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Retirement income, bequests, and insurance : implications of mortality risk in a stochastic life cycle model
… private pension plans. the purchase of private annuity contracts is relatively rare. This paper explores the issues associated with this "Annuity Puzzle" using the framework of a life cycle model of consumption, extended to account for mortality uncertainty. Chapter 1 empirically examines …
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A Pathway to Financial Stability in Retirement? Annuities and Consumers Preferences
… if indeed present, in the misvaluation of the annuity as an investment vehicle and its perceived reliability to smooth consumption. In full acknowledgment of the work that remains to be done, we look forward to more conclusive results.