What do we know about annuitization?

Recurso electrónico / Electronic resource
MARC record
LDR  00000cab a2200000 4500
001  MAP20190014007
003  MAP
005  20190524085026.0
008  190517e20190301usa|||p |0|||b|eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎341
1001 ‎$0‎MAPA20190006132‎$a‎Alexandrova, Maria
24500‎$a‎What do we know about annuitization?‎$c‎Maria Alexandrova, Nadine Gatzert
520  ‎$a‎Against the background of aging societies and increasing life expectancies, the protection of individuals from outliving their savings has become increasingly relevant. Annuities represent insurance against longevity risk and can prevent old-age poverty. The aim of this article is to present the current state of theoretical, empirical and experimental evidence with regard to annuitization decisions. Toward this end, we conduct a systematic literature review that includes 89 articles. Based on this, we study welfare effects of mandatory annuitization, annuitization rates and the optimal fraction of wealth to be annuitized, as well as determinants of retirees' choice to annuitize and their impact on annuity demand. Finally, we present possible solutions for overcoming the low uptake of annuities based on its causes. One main result is that behavioral biases in annuitization decisions particularly require considerably more theoretical research and empirical evidence, and that theoretical models already appear to well explain empirically observed annuitization rates.
650 4‎$0‎MAPA20080570590‎$a‎Seguro de vida
650 4‎$0‎MAPA20080584290‎$a‎Contrato de seguro
650 4‎$0‎MAPA20080625597‎$a‎Envejecimiento de la población
650 4‎$0‎MAPA20080611880‎$a‎Perspectivas del seguro
651 1‎$0‎MAPA20080638337‎$a‎Estados Unidos
7730 ‎$w‎MAP20077001748‎$t‎Risk management & insurance review‎$d‎Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-‎$x‎1098-1616‎$g‎01/03/2019 Tomo 22 Número 1 - 2019 , p. 57-100