Value of life and annuity demand
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| Tag | 1 | 2 | Valor |
|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20220014076 | ||
| 003 | MAP | ||
| 005 | 20220510164536.0 | ||
| 008 | 220510e20220509esp|||p |0|||b|spa d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a341 | ||
| 100 | 1 | $0MAPA20220004947$aPashchenko, Svetlana | |
| 245 | 1 | 0 | $aValue of life and annuity demand$cSvetlana Pashchenko, Ponpoje Porapakkarm |
| 520 | $aHow does the value of life affect annuity demand? To address this question, we construct a portfolio choice problem with three key features: (i) agents have access to life-contingent assets, (ii) they always prefer living to dying, (iii) agents have nonexpected utility preferences. We show that as utility from being alive increases, annuity demand decreases (increases) if agents are more (less) averse to risk rather than to intertemporal fluctuations. Put differently, if people prefer early resolution of uncertainty, they are less interested in annuities when the value of life is high. Our findings have two important implications. First, we get a better understanding of the well-known annuity puzzle. Second, we argue that the observed low annuity demand provides evidence that people prefer early rather than late resolution of uncertainty. | ||
| 650 | 4 | $0MAPA20080573614$aRenta vitalicia | |
| 650 | 4 | $0MAPA20080580377$aEsperanza de vida | |
| 650 | 4 | $0MAPA20080584580$aDemanda de seguros | |
| 700 | 1 | $0MAPA20220004954$aPorapakkarm, Ponpoje | |
| 773 | 0 | $wMAP20077000727$g09/05/2022 Volumen 89 Número 2 - mayo 2022 , p. 371-396$x0022-4367$tThe Journal of risk and insurance$dNueva York : The American Risk and Insurance Association, 1964- |