Multiple reference points and the demand for principal-protected life annuities : an experimental analysis
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100 | $0MAPA20160003888$aKnoller, Christian | ||
245 | 1 | 0 | $aMultiple reference points and the demand for principal-protected life annuities$b: an experimental analysis$cChristian Knoller |
520 | $aWe conducted an experiment in which participants were confronted with an experimental annuitization decision. Previous research has argued in favor of the hypothesis that a combination of mental accounting and prospect theory can explain why annuities containing a capital guarantee are preferred to standard annuities. However, from this perspective people wouldnot annuitize their assets at all, but rather invest themoney in a risk-free alternative. Recent research has also suggested a cushion effect. When all possible outcomes of two options are above a certain goal, this goal serves as a cushion in case of unfavorable outcomes. Hence, individuals might have a higher propensity to exhibit risk-seeking behavior. We find that individuals were indeed more willing to choose the annuity option if it contained a capital guarantee and that individuals using this guarantee as a cushion were even more willing to choose the annuity. Thus, the cushion effect can partially explain the high demand for guarantee features in annuity contracts. | ||
650 | 4 | $0MAPA20080573614$aRenta vitalicia | |
650 | 4 | $0MAPA20080586294$aMercado de seguros | |
650 | 4 | $0MAPA20080598358$aProductos de seguros | |
650 | 4 | $0MAPA20080552114$aPensiones | |
650 | 4 | $0MAPA20080570590$aSeguro de vida | |
773 | 0 | $wMAP20077000727$tThe Journal of risk and insurance$dNueva York : The American Risk and Insurance Association, 1964-$x0022-4367$g01/03/2016 Volumen 82 Número 5 - marzo 2016 , p. 163-179 |