Health State transitions and longevity effects on retirees' optimal annuitization

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<title>Health State transitions and longevity effects on retirees' optimal annuitization</title>
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<dateIssued encoding="marc">2017</dateIssued>
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<abstract displayLabel="Summary">The interplay between longevity risk and health state transitions for retirees¿ optimal annuitization decisions is investigated. Using a life-cycle framework incorporating wealth levels, bequest motives, and consumption floors created by government subsidies, we examine how increased longevity in conjunction with an individual¿s health state transition process impacts annuity purchase decisions. Health state transition matrices are estimated from the Health and Retirement Survey (HRS) data. The effects of increased longevity on annuitization decisions are considered when longevity is both accompanied by increased time spent in healthier states (morbidity compression) or experienced by more time in unhealthy states (morbidity expansion). </abstract>
<note type="statement of responsibility">Jing Ai... [et al.]</note>
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<topic>Longevidad</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080591182">
<topic>Gerencia de riesgos</topic>
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<topic>Cálculo actuarial</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>03/04/2017 Volumen 84 Número S1 - abril 2017 , p. 319-343</text>
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