Multiple reference points and the demand for principal-protected life annuities : an experimental analysis

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100  ‎$0‎MAPA20160003888‎$a‎Knoller, Christian
24510‎$a‎Multiple reference points and the demand for principal-protected life annuities‎$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
7730 ‎$w‎MAP20077000727‎$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